Peter Mathews (Dublin South, Fine Gael) | Oireachtas source

At the capitalisation in July 2011, the amount of money that came in recapitalisation from the markets was a little over €1 billion - from Wilbur Ross, Fairfax, Kennedy Partners and so on and the State invested approximately €1.5 billion. The fact is the bank is still hugely overdependent on capitalisation. Its loan to deposit ratio is approximately 136% and its financial engineering is still very fragile, even after that capitalisation. The asset side of the balance sheet shows that 73% of the balance sheet loan assets are in mortgages, property and construction related loans. This goes against a bank tradition ten years previously which was completely different. Why was there not a more open, transparent and honest discussion with the Government pointing out that until the rehabilitation and restructuring of the bank took place - for the sake of the bank and its viability rather than for shareholders - capitalisation should have been by way of creditor capitalisation rather than by bringing in a 35% shareholder which is now the dominant shareholder in the bank? The amount outstanding on the market is 50%, the amount held by the State is 15% and the amount held by this consortium of investors is 35%. Therefore, it is a schizophrenic organisation.