Michael McGrath (Cork South Central, Fianna Fail)

As the Minister of State will be aware, the recapitalisation of Anglo Irish Bank was based on an estimate of its losses - somewhere in the range of €29 billion to €34 billion. Some months ago, the chairman of the bank, Mr. Alan Dukes, revised that estimate, stating that it could well be as low as €25 billion. The picture has become somewhat clearer recently with the sale of a substantial element of the bank's loan book portfolio. Is €25 billion the Government's current best estimate of the overall cost, aside from the promissory note structure, of the losses at Irish Bank Resolution Corporation?

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