Stephen Donnelly (Wicklow, Independent)
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Question 36: To ask the Minister for Finance the average interest rate being paid on the outstanding circa €35 billion in unguaranteed senior bank bonds per issuing bank; the highest interest rate being paid for these bonds per issuing bank; and if he will make a statement on the matter. [14106/11]

Michael Noonan (Limerick City, Fine Gael)
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The Deputy will appreciate that this information is not held by my Department. I have however requested this information from each of the covered institutions and I will forward it to the Deputy as soon as possible.

The Deputy may wish to note that I am advised that the measurement of the average interest rate on bank debt liabilities is not - especially at present - a particularly meaningful or useful measure of bank funding costs. The average will be affected by for example the size of particular debt issues, the maturity profile of the bank's debt and the balance between fixed and floating rate instruments. As the Deputy will be aware, the cost of debt funding for the Irish banks had increased significantly over recent years reflecting such factors as the impact of the international credit conditions, specific concerns regarding the financial condition of Irish banks and the downgrading of Ireland's sovereign credit rating and international debt markets are currently closed to Irish banks at an affordable and long-term sustainable cost.