Stephen Donnelly (Wicklow, Independent)
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Question 232: To ask the Minister for Finance if he will provide an estimate of the funding requirements of Spain to cover a three year period and to include deficit funding, repayment of maturing debt and recapitalising banks should that country seek to access official sources of funding. [27979/12]

Michael Noonan (Limerick City, Fine Gael)
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As the deputy will be aware, it was clarified over the weekend that Spain is to seek official sources of funding. In particular, financial assistance is being sought from euro area Member States for the recapitalisation of Spanish financial institutions. Finance Ministers in the euro area have welcomed this and have expressed their willingness to respond favourable to the request. Financial assistance is to be provided by the EFSF / ESM and is to cover all possible capital requirements which will be estimated by the external audit that is currently taking place. The loan amount to cover the estimated capital requirements with an additional safety margin is estimated as summing up to €100 billion in total.

Spain will continue to fund its sovereign needs via market based financing.