Oireachtas Joint and Select Committees
Thursday, 14 December 2017
Public Accounts Committee
2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation
9:00 am
David Cullinane (Waterford, Sinn Fein) | Oireachtas source
That is fine. I will turn to the substantive issue. The gross cost of capitalising the banks, according to the Comptroller and Auditor General's office, is €66.8 billion, the net cost to the State is €39.9 billion and there is an average cost of between €1 billion and €1.4 billion a year to service the associated debt. These are the headline figures in the Comptroller and Auditor General's report. All of this is a consequence of the fact the State essentially recapitalised the banks and, as a consequence of that, nationalised some of these banks as well. Is that correct?
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