Lucinda Creighton (Dublin South East, Fine Gael)
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Question 131: To ask the Minister for Finance if an environmental clean energy fund has been established by the banks covered under the State guarantee; the funding each institution has provided to the fund; and if he will make a statement on the matter. [47953/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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There was no condition under the Covered Institutions (Financial Support) Scheme or the Eligible Liabilities Guarantee Scheme requiring the banks covered under State guarantees in relation to environmental funds. As part of the agreement on the 2009 recapitalisation of Bank of Ireland and AIB, both banks committed to establish a €100 million fund to support environment friendly investment and innovations in clean energy. These funds have been established and both banks have been reporting on disbursements from them on a quarterly basis. This information is commercially sensitive.

More recently, in the context of NAMA and the associated recapitalisations, both banks have agreed to set up a further fund of up to €100 million for Environmental, Clean Energy and Innovation projects. This is in addition to the €100 million provided under the 2009 recapitalisation. It is envisaged that these funds will come on-stream when the initial funds are exhausted.