Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

The heading on page 27 refers to costs of the banking crisis. This submission states that Ireland invested €64 billion in our banking sector, which was 40% of GDP at that time and Mr. Moran is saying that, since then, we have generated income of €5.2 billion from the bank guarantee, €4.7 billion from the sale of Bank of Ireland contingent convertible capital notes, CoCos, Irish Life and the redemption of preference shares by Bank of Ireland, bringing the net figure to €54 billion. Mr. Moran is saying that the State investment in Bank of Ireland is €1.5 billion, €11.6 billion in AIB and €400 million in Permanent TSB, amounting to a total value of €13.5 billion. Some €40.7 billion is the net cost to the Irish taxpayer to date, with €64 billion being the top line figure, €1 billion generated from the matters mentioned and assets, based on the valuations on page 27, of €13.5 billion. This amounts to about 25% of our €160 billion GDP. Is this correct in respect of the cost of the Irish banking crisis relative to GDP?