Written answers

Thursday, 13 October 2011

Department of Finance

Banks Recapitalisation

2:00 pm

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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Question 44: To ask the Minister for Finance his views on whether the planned eurozone bank recapitalisation programme will have any impact on the covered institutions here in view of the fact that the stress tests on banks here published at the end of March 2011 did not take account of the possibility of the banks incurring losses on sovereign bonds held; his further views that the planned round of recapitalisations will require additional money for the Irish banks; if he has consulted with the Central Bank of Ireland on this specific issue; and if he will make a statement on the matter. [29341/11]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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The Central Bank have informed me that as no formal measures or proposals have been announced by the authorities or the EBA they are not in a position to advise on possible future capital requirements arising. The Central Bank has advised me that as agreed in the Memorandum of Understanding (MoU) and the Memorandum of Economic and Financial Policies (MEFP) with our external partners, a further Prudential Capital Assessment Review (PCAR 2012) will be carried out in 2012 to assess the adequacy of the capital of the banks at that time as part of an ongoing programme of capital review.

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