Written answers
Tuesday, 1 May 2012
Department of Finance
Banks Recapitalisation
9:00 pm
Gerry Adams (Louth, Sinn Fein)
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Question 176: To ask the Minister for Finance if he will provide a breakdown in tabular form a year by year breakdown of the cost of the bank bailout since 2008. [21385/12]
Michael Noonan (Limerick City, Fine Gael)
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The bank recapitalisation commitments made by the State to date are set out in the following table:
| €bn | AIB/EBS | BoI | IL&P | IBRC (Anglo/INBS) | Total |
| Government preference Shares (2009) - NPRF | 3.5 | 3.5* | - | - | 7.0 |
| Capital contributions (with Promissory Notes as consideration) /Special Investment Shares (2010) – Exchequer ** | 0.9 | - | - | 30.7 | 31.6 |
| Ordinary Share Capital (2009) – Exchequer | - | - | - | 4.0 | 4.0 |
| Ordinary Share Capital (2010) - NPRF | 3.7 | - | - | - | 3.7 |
| Total pre-PCAR 2011 (A) | 8.1 | 3.5 | 0 | 34.7 | 46.3 |
| PCAR 2011: | AIB/EBS | BoI | IL&P | Anglo/INBS | Total |
| Capital from Exchequer*** | 3.9 | - | 2.7 | - | 6.5 |
| NPRF Capital | 8.8 | 1.2 | - | - | 10.0 |
| Total PCAR (B) | 12.7 | 1.2 | 2.7 | - | 16.5 |
| Total Cost of Recap for State (A) + (B) | 20.7 | 4.7 | 2.7 | 34.7 | 62.8 |
| * €1.7bn of BoI's government preference shares were converted to equity in May/June 2010 (€1.8bn still left in existence). The government also received €0.5bn from the warrants relating to BoI's preference shares (excluded from table above). | |||||
| ** The IBRC amount is made up of a total capital contribution for Anglo / INBS of €30.6bn and a special investment share of €0.1bn (INBS). The Anglo / INBS capital contribution impacted in full on the GGB in 2010. The consideration for the Anglo / INBS capital contribution was €30.6bn of promissory notes. These Promissory Notes are an amount due from the State to IBRC. Each year, on 31 March, €3.06bn is paid by the Exchequer to Anglo / INBS as part of the scheduled repayments of the promissory notes. The first such repayment was made on 31 March 2010. | |||||
| *** The Exchequer cost of the 2011 BoI recap is shown net of share sale to private investors (Completed in October, 2011) |
This recapitalisation table split year by year is:
| Anglo | INBS | AIB | EBS | BOI | ILP* | Total | |
| 2008 | |||||||
| 2009 | 4.0 | 0 | 3.5 | 0 | 3.5 | 0 | 11.0 |
| 2010 | 25.3 | 5.4 | 3.7 | 0.9 | 0 | 0 | 35.3 |
| 2011 | 0 | 0 | 12.7 | 0 | 1.2 | 2.7 | 16.5 |
| 2012 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 29.3 | 5.4 | 19.9 | 0.9 | 4.7 | 2.7 | 62.8 |
* In addition, the State is committed to acquiring Irish Life for €1.3bn to complete the recapitalisation of Irish Life & Permanent. It is expected that the proceeds of an onward sale of Irish Life in due course will reduce the amount the State has committed to the bank recapitalisation.
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