Stephen Donnelly (Wicklow, Independent)

The nub of my question is who is the beneficiary. My understanding is that the ECB will lend the money when the bond is repo'd to Bank of Ireland at 1%. What I would like to know is at how much is Bank of Ireland going to lend the money to IBRC and whether Bank of Ireland will walk away with a profit. The Minister stated that the €90 million additional cost is entirely circular. I hope it is so that ultimately there is no long-term cash cost to us because it stays within the circularity of the financing, but that is not the case if Bank of Ireland lends the money to IBRC at anything above 1% because then State money will go to Bank of Ireland in which we only have a small minority stake. Could the Minister confirm the rate at which for at least the nine months in question Bank of Ireland will lend the €3.1 billion to IBRC? Could he also confirm that the Bank of Ireland will or perhaps already has borrowed the money from the ECB at 1%?

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