Written answers

Wednesday, 3 February 2010

Department of Finance

Banking Sector Recapitalisation

9:00 pm

Photo of Jim O'KeeffeJim O'Keeffe (Cork South West, Fine Gael)
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Question 153: To ask the Minister for Finance the impact on the general Government balance of the refusal by the European Commission to approve the payment of interest dividend on the preference shares issued in relation to the recapitalisation of the Irish banks; and if he will make a statement on the matter. [5139/10]

Photo of Brian Lenihan JnrBrian Lenihan Jnr (Dublin West, Fianna Fail)
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With regard to the payment of the next coupon, my Department and the recapitalised banks are in continuing discussions with the Commission in respect of the banks' restructuring plans and this issue is a part of that discussion. In the normal course, if payments were permitted, the impact of the dividends payable on the preference shares in AIB and Bank of Ireland is estimated to improve the General Government Balance by €560 million in a full year.

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