Pearse Doherty (Donegal South West, Sinn Fein)
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Question 206: To ask the Minister for Finance if he will provide the terms upon which Bank of Ireland will provide funding to the Irish Bank Resolution Corporation in order to complete the Promissory Note transaction outlined by him to Dáil Éireann on 29 March 2012; further to the circular issued by BOI to its shareholders on 30 May 2012 announcing an extraordinary general meeting of 18 June 2012, if he will confirm the sum that will be paid by BOI to IBRC; if the sum paid gives rise to a shortfall on the €3.06bn that is owing to the National Asset Management Agency; if he will set out in full the protections provided by him to BOI, and alluded to in the BOI circular. [27936/12]

Michael Noonan (Limerick City, Fine Gael)
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As the deputy is aware the securities repurchase transaction between Bank of Ireland ("BoI") and Irish Bank Resolution Corporation ("IBRC") is a commercial transaction and is subject to the approval of BoI's shareholders. BoI has issued a circular to their shareholders (the "Circular") and scheduled an extraordinary general court to be held on 18th June 2012. The commercial terms of the securities repurchase transaction are set out in the Circular. As set out in the Circular the purchase price of the securities on the purchase date is dependent amongst other things on the market value of the securities on the purchase date. Subject to the approval of BoI's shareholders it is expected that moneys owing to the National Asset Management Agency ("NAMA") by IBRC will be repaid on the purchase date.

As set out in the Circular, IBRC's payment obligations under the securities repurchase transaction will be guaranteed pursuant to an existing deed of guarantee dated 29 November 2010, in favour of certain credit institutions and regulated entities which are party to certain agreements with Anglo (now IBRC).