Peter Mathews (Dublin South, Fine Gael)
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Question 136: To ask the Minister for Finance, further to Parliamentary Question No. 116 of 15 November 2011, if he will provide details on the consultations between the Central Bank of Ireland and the ECB; if a two thirds majority of the board of the ECB is required to approve exceptional liquidity assistance by the Central Bank here; if a two thirds majority of the board of the ECB is required to veto ELA by the Central Bank of Ireland; and if he will make a statement on the matter. [36093/11]

Michael Noonan (Limerick City, Fine Gael)
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The Central Bank does not comment on its consultations with the ECB. The Central Bank Act 1942 provides the statutory basis for the Bank to provide emergency liquidity assistance. Section 5B(d) provides the Bank with a general power to lend against security to credit institutions, which power may be exercised in pursuit of the Bank's financial stability objective provided by Section 6A(2)(a) of the 1942 Act. Regarding the functions carried out by a NCB, other than those specified in the Statute, I would draw attention to Article 14.4 of the following:http://www.ecb.int/ecb/legal/pdf/en_statute_2.pdf

Peter Mathews (Dublin South, Fine Gael)
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Question 137: To ask the Minister for Finance, further to Parliamentary Question No. 117 of 15 November 2011, if there is an agreed repayment schedule for IBRC's exceptional liquidity assistance liabilities; and if he will make a statement on the matter. [36094/11]

Michael Noonan (Limerick City, Fine Gael)
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Exceptional Liquidity Assistance or ELA helps fund a large portion of IBRC's balance sheet. IBRC submitted a formal restructuring plan to the European Commission which was approved on the 29th June this year. This plan sets out in detail how the bank will be wound-down over a period of 10 years. Since then the Authorities and the State have identified measures which are expected to further accelerate this wind down profile of IBRC. The plan assumes that IBRC's funding will decline in line with the bank's loan book. Further details in relation to the bank's Restructuring Plan can be found on the European Commission website at:http://ec.europa.eu/competition/state_aid/cases/239466/239466_1251121_21_1.pdf.