Pearse Doherty (Donegal South West, Sinn Fein)
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Question 165: To ask the Minister for Finance following on from reports that suggests that, after taking credit default insurance into account, Bank of Ireland will not make any profit on the arrangement whereby it replaces the funding provided by the National Asset Management Agency to the Irish Bank Resolution Corporation in order to satisfy the promissory note commitment that fell due in March 2012, if he will confirm if NAMA made a profit on its part in the arrangement; and the amount spent by NAMA on credit default insurance. [30418/12]

Michael Noonan (Limerick City, Fine Gael)
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I am advised that NAMA did not take out credit default protection against the short-term financing facility. I am also advised that for the duration of the short-term financing facility between NAMA and IBRC, NAMA received a rate of return of 2.35%, which was above its interest cost on its NAMA Senior Bonds. The difference represents the agency's profit in relation to this transaction.

In relation to Bank of Ireland, as the deputy may be aware I have no role in the day-to-day commercial and operational decisions of the bank, which include these matters. These decisions are taken by the board and management of the institution.