Dessie Ellis (Dublin North West, Sinn Fein)
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Question 37: To ask the Minister for Finance if he will provide a breakdown of the amounts of emergency liquidity assistance including interest charged currently held by banks covered by the eligible liabilities guarantee. [34442/11]

Michael Noonan (Limerick City, Fine Gael)
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The Central Bank of Ireland does not comment on exceptional liquidity assistance, ELA, operations and any queries relating to specific credit institutions would need to be directed to each particular institution. The Central Bank does, however, publish details of its liquidity operations at a system level. Any loans by the bank are contained in its balance sheet which is updated on a monthly basis as part of its monthly statistics. Table A2 in the balance sheet, Financial Statement of the Central Bank, highlights European Central Bank borrowings under the heading "Lending to Euro Area Credit Institutions relating to Monetary Policy Instruments" while exceptional liquidity assistance would be captured under the category "Other Assets". At the end of October, these amounted to €47.7 billion, down from a peak of approximately €70 billion at the end of February last.

Separately, table A4 in the balance sheet, Credit Institutions' Balance Sheet (A4.2 Covered Institutions ), highlights ECB borrowings under the heading "Borrowing from the Eurosystem related to Monetary Policy Operations". The covered institutions' figures are identified in table A4.2 and exceptional liquidity assistance to covered institutions would be captured in tables A4 and A4.2 under the heading "Remaining Liabilities".

Deputies will be able to access this information themselves as it is quite complex in the context of reading the Official Report.

Pearse Doherty (Donegal South West, Sinn Fein)
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Clearly the Minister did not get the chance to finish his contribution but I will read the Official Report on the overall level. I presume the detailed breakdown will be provided in that.

What discussions have taken place between the Department of Finance, the ECB and the Governor of the Central Bank to have the ELA changed from two-week funding to long-term funding? It has been claimed such a change would greatly assist our banks. However, there has been no discussion about it. Why is the ECB reluctant to provide long-term and medium-term financing to our banks?

Michael Noonan (Limerick City, Fine Gael)
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Since I first became Minister for Finance in March 2011, at all my meetings with the ECB the issue of medium-term funding for the banks has been raised. The bank's position is that it is not legally empowered to give funding beyond a short-term basis. Recently, however, there has been a change of policy because it is now willing to give medium-term funding of up to 12 months. We would like assurances beyond that term but it is an advance.

There is no suggestion that the bank will withdraw funding from us. It has assured us at all times that whatever the roll-over period will be, it will continue to roll it over.

Pearse Doherty (Donegal South West, Sinn Fein)
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Has the new 12-month funding arrangement been extended to any Irish bank? If so, which banks have been able to avail of it? I understood these arrangements are not on offer to Irish banks.

Michael Noonan (Limerick City, Fine Gael)
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I am not aware of it being applied to Irish banks yet. I will get that information for the Deputy to ensure what information I have provided is up to date.

Michael McGrath (Cork South Central, Fianna Fail)
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Has the Minister sought an extension of the eligible liabilities guarantee beyond the end of 2011? If so, has he had contact with the European authorities on this?

Michael Noonan (Limerick City, Fine Gael)
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We are considering this aspect. The likelihood is that there will be an extension of the scheme. There is also a likelihood that banks will be in the market to get deposits without guarantee.