Billy Kelleher (Cork North Central, Fianna Fail)
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Question 25: To ask the Minister for Finance if he will provide an update on the timeframe for the completion of the loan from Bank of Ireland to Irish Bank Resolution Corporation in connection with the promissory note payment which fell due at the end of March 2012; and if he will make a statement on the matter. [25594/12]

Michael Noonan (Limerick City, Fine Gael)
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As the deputy is aware, Bank of Ireland (the "Bank") announced on 29 March 2012 that the Bank had reached a conditional agreement to conduct a securities repurchase transaction with IBRC. The Bank stated: "As the transaction is considered to be a related party transaction under Listing Rules, it is subject to independent stockholder approval. A circular containing additional details of the transaction and the date of the proposed Extraordinary General Court will be posted to stockholders once the circular has been approved by the UK Listing Authority and Irish Stock Exchange. It is anticipated that the transaction will become effective following satisfaction of all pre-conditions and independent stockholder approval."

This is a commercial transaction between the Bank and IBRC. The Bank has stated in their announcement on 29 March 2012 that they will issue a circular and schedule and Extraordinary General Court in due course.