Brian O'Shea (Waterford, Labour)
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Question 10: To ask the Minister for Finance if he will provide an update on the progress made with the disposal of the EBS Building Society; and if he will make a statement on the matter. [34031/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The Financial Regulator on 30 March 2010 determined that EBS must raise additional equity capital of at least €875 million by the end of 2010 in order to meet the new base case capital standards. The State provided EBS in May 2010 with €100 million of capital through the issuance of Special Investment Shares to secure EBS's immediate capital position. These Special Investment Shares give the Minister for Finance effective economic control of EBS. A Promissory Note to the value of €250 million was issued to EBS in June 2010 to enable it to meet its capital requirements as loans transfer to NAMA.

The State has committed to meet the remaining capital requirement, to the extent that private capital is not forthcoming. Expressions of interest in the Society were invited and a sale/investment process commenced in June 2010. Interest in the society has since been expressed by a number of parties and proposals have been received. These are being examined by my Department and the NTMA but it is too soon to anticipate any particular outcome.

Jan O'Sullivan (Limerick East, Labour)
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Question 11: To ask the Minister for Finance if he will provide an estimate of the full cost to taxpayers of recapitalising Irish Nationwide Building Society; and if he will make a statement on the matter. [34036/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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I addressed the position regarding the estimated level of capital support required by Irish Nationwide Building Society in my Statement on Banking earlier today. To date, I have provided €2.7bn capital to INBS to cover the losses on lending by the Society. Following a recommendation from the NTMA, I am providing, subject to European Commission approval, an additional €2.7bn, as a prudential estimate of the additional capital required to cover expected losses on the Society's remaining loan book. This will bring the total amount of capital support to the Society from the State to €5.4bn. This additional capital is being provided in order to establish a ceiling on the level of support provided to the Society consistent with the objective of providing final clarity on the public support required by the Irish banking system.