Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Regarding the ESM, Mr. Moran said the second strategy was the use of the ESM to recapitalise the banks. We all know the banks do not need to be recapitalised. They are probably the best capitalised banks in Europe, but we want back the money we put in to recapitalise the banks. The public believe we should get as much of the money back as possible. The banks have a value. The National Pensions Reserve Fund has valued them at €9 billion. That is without one of the banks, Irish Life, being valued. We also have contingent liability which the banks informed us we would get back, namely, our contingent capitalisation of €3 billion. When all of that is added together, we are probably talking about a ball park figure, in terms of the current value of these institutions, of in excess of €13 billion. It is difficult to determine the real value of the banks but that is the best guesstimate available. Would it be the Department's advice to sell the banks at any cost or is it only on the basis that we get back not just the real cost of these institutions from the ESM but as close as possible to the money the State used to support these banks in the first place?