Written answers

Wednesday, 13 May 2009

9:00 pm

Photo of Martin FerrisMartin Ferris (Kerry North, Sinn Fein)
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Question 127: To ask the Minister for Finance the cost to the Exchequer for nationalising Anglo Irish Bank; the expected funding from the State until the end of 2009; the estimated toxic debts of Anglo Irish Bank; if the taxpayer is liable for these debts; and if he will make a statement on the matter. [19105/09]

Photo of Brian Lenihan JnrBrian Lenihan Jnr (Dublin West, Fianna Fail)
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Under the terms of the Anglo Irish Bank Corporation Act 2009 there is provision for the appointment of an independent assessor to determine the fair and reasonable aggregate value of the Anglo shares transferred and rights extinguished under the terms of the Act, for the purpose of fair and reasonable compensation, if any, in respect of those shares. The outcome of this process is one determinant of the cost to the Exchequer, if any, for nationalising Anglo Irish Bank. To date, no significant direct cost has arisen to the Exchequer in respect of the nationalisation of Anglo. The Government has stated that support will be provided as necessary to maintain Anglo, consistent with EU State Aid requirements.

As the Deputy may be aware, the main exposures at Anglo relate to lending for Land and Development and connected exposures. As for all banks, the treatment of such assets held by Anglo is currently being examined in the context of the establishment of the National Asset Management Agency.

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