Oireachtas Joint and Select Committees
Thursday, 20 December 2012
Joint Oireachtas Committee on Finance, Public Expenditure and Reform
Role and Contribution of Public Interest Directors in Financial Institutions: Discussion
10:15 am
Mr. Joe Walsh:
Briefly, on the guarantee, the Deputy asked about progress made since January 2009. The amount under guarantee at September 2008 was €136 billion and that is down to approximately €25 billion now. Bank of Ireland has been in discussion with the Department of Finance and it has signalled its wish to be taken off the guarantee. The Minister extended the guarantee for the first half of next year.
A considerable amount of money is being paid under the guarantee. We have paid more than €1 billion already and last year it was approximately €450 million. We want to get off the guarantee in order to return to sustainability and reduce the risk to the taxpayer and the State. I hope the Minister will facilitate that early in the new year.