Written answers

Thursday, 19 April 2012

Department of Finance

Bank Guarantee Scheme

9:00 pm

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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Question 71: To ask the Minister for Finance if he will show separately for each covered institution the amount of senior bonds, presenting figures separately for secured and unsecured, repaid since the original bank guarantee of September, 2008 to date and the amount that remain unpaid at the present time; and if he will make a statement on the matter. [19595/12]

Photo of Michael NoonanMichael Noonan (Minister, Department of Finance; Limerick City, Fine Gael)
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The covered institutions have supplied the relevant information as follows:

Secured Senior Bonds Outstanding at 13 April 2012€bnSecured Senior Bonds Repaid 30 Sept 2008 to 13 April 2012€bnUnsecured Senior Bonds Outstanding at 13 April 2012€bnUnsecured Senior Bonds Repaid30 Sept 2008 to13 April 2012€bnTotal Amount Outstanding; Secured and Unsecured at 13 April 2012€bn
AIB/EBS4.64.87.427.712.0
BOI9.8(b)6.1(a)6.729.616.5(b)
ILP2.7-5.310.08.0
IBRC(c)2.722.21.43.34.1

(a) This includes securitisation payment of €2.9bn

(b) This includes securitisation outstanding of €3.7bn

(c) This includes former INBS

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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Question 72: To ask the Minister for Finance the amount of losses that have been imposed to date on subordinated bondholders at the covered institutions since the introduction of the original bank guarantee in September, 2008; and if he will make a statement on the matter. [19596/12]

Photo of Michael NoonanMichael Noonan (Minister, Department of Finance; Limerick City, Fine Gael)
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In aggregate, the covered Irish banks have generated €15.5bn of capital from Liability Management Exercises (LMEs) over the last four years. The breakdown per year is as follows:

€bn2008200920102011Total
PTSB---1.01.0
BoI-1.01.31.53.8
AIB-1.10.43.65.1
EBS-0.00.10.20.3
INBS0.00.1-0.10.3
Anglo-1.81.6-3.3
Total cash gains from Sub-debt burden sharing0.04.03.46.513.9
*BoI - Debt for Equity transactions0.30.40.7
BoI - Residential Mortgage Backed Securitization LMEs0.30.3
Anglo - Unrealised Tier 1 gain0.30.3
Other0.20.10.10.35
Total gains from LMEs0.24.43.87.215.5

*In the case of Bank of Ireland (BoI) subordinated bondholders received €0.7bn of ordinary equity shares in consideration for their bond holdings (debt for equity transactions), as part of its recapitalisation in 2010 and 2011. In addition, BoI generated €0.3bn of capital in December 2011 from the re-purchase of c. €1.2bn residential mortgage backed securitizations.

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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Question 73: To ask the Minister for Finance the estimated amount of shareholders' equity that has been wiped out at the covered institutions since the emergence of the financial crisis in Ireland in 2008; and if he will make a statement on the matter. [19597/12]

Photo of Michael NoonanMichael Noonan (Minister, Department of Finance; Limerick City, Fine Gael)
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Unfortunately, it has not been possible to get the information from the covered institutions in the timeframe allowed by the Question. I will write to the Deputy in the near future with information provided by the institutions.

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