Written answers

Tuesday, 15 June 2010

Department of Finance

Financial Institutions Support Scheme

8:00 am

Photo of James ReillyJames Reilly (Dublin North, Fine Gael)
Link to this: Individually | In context

Question 126: To ask the Minister for Finance further to Parliamentary Question No. 94 of 2 June 2010, if he will provide a breakdown of this data by bank; and if he will make a statement on the matter. [25184/10]

Photo of James ReillyJames Reilly (Dublin North, Fine Gael)
Link to this: Individually | In context

Question 127: To ask the Minister for Finance further to Parliamentary Question No. 94 of 2 June 2010, the total liabilities of the banks broken down by these categories; and if he will make a statement on the matter. [25185/10]

Photo of Brian Lenihan JnrBrian Lenihan Jnr (Dublin West, Fianna Fail)
Link to this: Individually | In context

I propose to take Questions Nos. 126 and 127 together.

I indicated in my reply to PQ Reference No. 22449 on 27 May that total liabilities covered under the Covered Institutions Financial Support Scheme (CIFS) and the Eligible Liabilities Guarantee Scheme (ELG) was €269 at end March 2010. I further stated that, as of end April, a total of €188bn was expected to mature before 1 October. This figure assumes demand deposits mature in the first month and notice deposits mature as if notice were given at end April. I also said that the position of individual covered institutions is sensitive commercially and I therefore confined my reply to aggregate figures.

Photo of Joan BurtonJoan Burton (Dublin West, Labour)
Link to this: Individually | In context

Question 128: To ask the Minister for Finance the nature and extent of continuing obligations of the State to bondholders in Anglo Irish Bank after September 2010; and if he will make a statement on the matter. [25237/10]

Photo of Brian Lenihan JnrBrian Lenihan Jnr (Dublin West, Fianna Fail)
Link to this: Individually | In context

In September 2008 the Government implemented the Credit Institutions (Financial Support) Scheme 2008 (CIFS scheme) to safeguard the Irish banking system. The CIFS scheme covered all deposits (retail, commercial, institutional and interbank), covered bonds, senior debt and dated subordinated debt (lower tier II) until 29 September 2010. Anglo Irish Bank has a continuing contractual obligation to all of its bondholders.

On 9 December 2009 the State entered into the Credit Institutions (Eligible Liabilities Guarantee) Scheme 2009 (the ELG Scheme) as a further measure to maintain the stability of the financial system of the State. The ELG Scheme provides for an unconditional and irrevocable State guarantee for certain eligible liabilities (including deposits) of up to five years in maturity incurred by participating institutions in the relevant period.

At 31 May 2010 €2.39bn of Anglo bonds with maturities after 30 September 2010 had been guaranteed under the ELG scheme. In addition to these bonds, Anglo has both commercial paper and certificate of deposit programmes operated under the ELG scheme.

Comments

No comments

Log in or join to post a public comment.