Oireachtas Joint and Select Committees
Thursday, 30 November 2023
Public Accounts Committee
Appropriation Accounts 2022
Vote 7 - Office of the Minister for Finance
Finance Accounts 2022
Report on the Accounts of the Public Services 2022
Chapter 1 – Exchequer Financial Outturn for 2022
Chapter 2 – Reporting Ireland’s EU Transactions
Chapter 24 – Performance of the Ireland Apple Escrow Fund
Chapter 25 – Irish Fiscal Advisory Council
9:30 am
Mr. Des Carville:
The Chairman is right. A total of €64 billion went into rescuing the banks, which we had to spend, given we did not have any choice. Some €35 billion, in round numbers, of that is gone, through Irish Nationwide and the Irish Bank Resolution Corporation, IBRC. We might get less than €1 billion, perhaps €500 million, back but to all intents and purposes it is gone. A total of €29.4 billion went into the three remaining banks, AIB, Bank of Ireland and PTSB, and we made a gain in cash terms of €2.1 billion on the Bank of Ireland position. As the Chairman knows, we have no shareholding there now. We sold it as contingent convertibles, CoCos, and Department shares as well-----
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