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

Photo of David CullinaneDavid Cullinane (Waterford, Sinn Fein) | Oireachtas source

Back to the recapitalisation, which is a consequence of the fact that, for this particular bank, we took its bad loans and left it with a loss of €21 billion which happens to be 50% of the total amount of the crystalised losses. It then took approximately €29 billion of taxpayers' money which was put into it. At the end of the process, all we got was a broken bank which was liquidated at a cost to the taxpayer and we are being told that this was being done in the national interest and if we had not done it, it would have amounted to the potential collapse of the entire banking system. We actually know that is an incredible leap to make. I do not think one can make that leap, given the kind of bank that Anglo Irish Bank was.

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