Stephen Donnelly (Wicklow, Independent)
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Question 137: To ask the Minister for Finance if he will set out the precise relationship between the emergency liquidity assistance and the promissory notes as relevant to the IBRC. [6777/12]

Michael Noonan (Limerick City, Fine Gael)
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The Promissory Note acts as collateral under emergency liquidity assistance (ELA) loan (repo) agreements with the Central bank of Ireland (CBI). This ELA is itself funded by the CBI through Intra-Eurosystem liabilities and any repayments of ELA are used to reduce this liability on the Central Bank's balance sheet. Other than that there is no link between the Promissory Note and ELA.

Stephen Donnelly (Wicklow, Independent)
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Question 138: To ask the Minister for Finance if it is the case that the European Central Bank loaned money to the Central Bank of Ireland in the form of emergency liquidity assistance, which the Central Bank of Ireland then loaned on to the Irish banking system; and if so, at what interest rate and repayment terms was this loan by the ECB. [6778/12]

Michael Noonan (Limerick City, Fine Gael)
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One of the functions of the Central Bank of Ireland, similar to other central banks, is to grant Exceptional Liquidity Assistance to a credit institution when this is deemed necessary for financial stability purposes. These amounts are published monthly. The Central Bank cannot disclose the financial institutions that avail of such support although it is open to all eligible counterparties to apply for such funding. ELA is one of the ways that the Central Bank has responded to the financial crisis. This is distinct and separate from regular funding operations carried out for monetary policy implementation purposes through the ECB. ELA is funded through Intra-Eurosystem liabilities but the Central Bank does not disclose the terms under which ELA is provided. A loan provided to a credit institution under Exceptional Liquidity Assistance is granted against suitable collateral, where suitability is in line with unpublished criteria defined by the Central Bank. As with procedures for ECB eligible collateral, appropriate haircuts/discounts are applied with a view to ensuring that the Central Bank would not suffer any loss in the event of default on the loan assistance. The Bank has received formal comfort from me such that any shortfall on the liquidation of the collateral is made good.

Stephen Donnelly (Wicklow, Independent)
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Question 139: To ask the Minister for Finance the total amount of emergency liquidity assistance originating from each of the European Cental Bank and Central Bank of Ireland currently in the Irish banking system; the projected repayment schedule per bank of ELA to the Central Bank of Ireland; and the projected repayment schedule per bank of ELA to the ECB. [6779/12]

Michael Noonan (Limerick City, Fine Gael)
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The Central Bank has informed me that one of their functions, similar to other central banks, is to grant Exceptional Liquidity Assistance to a credit institution when this is deemed necessary for financial stability purposes. These amounts are published monthly. My Department, in addition, continues to monitor details of historical levels and trends in respect of the use of Central Bank funding across the system. The Central Bank cannot disclose the financial institutions that avail of such support although it is open to all eligible counterparties to apply for such funding. ELA is one of the ways that the Central Bank has responded to the financial crisis. This is distinct and separate from regular funding operations carried out for monetary policy implementation purposes through the ECB. A loan provided to a credit institution under Exceptional Liquidity Assistance is granted against suitable collateral, where suitability is in line with unpublished criteria defined by the Central Bank. As with procedures for ECB eligible collateral, appropriate haircuts/discounts are applied with a view to ensuring that the Central Bank would not suffer any loss in the event of default on the loan assistance. The Bank has received formal comfort from the Minister for Finance such that any shortfall on the liquidation of the collateral is made good.

Stephen Donnelly (Wicklow, Independent)
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Question 140: To ask the Minister for Finance if he or any representative of the State has ever raised with the ECB the possibility of partial non-payment of ELA to the Central Bank of Ireland. [6780/12]

Michael Noonan (Limerick City, Fine Gael)
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Emergency Liquidity Assistance, or ELA, is funded by the Central Bank of Ireland through the Eurosystem, and any repayments are used to reduce this liability on the Central Bank's balance sheet. The government is currently in technical discussions with European authorities in relation to the promissory notes held by the Irish Banking Resolution Corporation that are currently funded by ELA. I am actively pursuing these discussions, and hope to reach an agreement with the ECB and IMF to reduce to the overall cost to the State.

Stephen Donnelly (Wicklow, Independent)
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Question 141: To ask the Minister for Finance the current resources of the IBRC; the projected cash flow requirements of the IBRC over the next ten years; the projected cash flow generated from the sale of IBRC's assets over the next ten years; and if he will make a statement on the matter. [6781/12]

Michael Noonan (Limerick City, Fine Gael)
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The most recent published information detailing the resources of IBRC are contained in the interim accounts of the bank. The attached link is provided for the Deputy's convenience. The information requested in relation to projected cash flows are commercially sensitive and as such, the Deputy will appreciate, cannot be properly disclosed. http://www.ibrc.ie/About_us/Financial_information/Latest_interim_report/Interim_Report_2011.pdf