Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance in view of the recently published report and accounts for the Irish Bank Resolution Corporation for the six months ending June 2012, which state that IBRC will be wound down by 2020, if he will explain the way in which the operation of the Anglo/Irish Nationwide Building Society promissory notes will be affected, and specifically what will happen to the €12.1billion of payments from him envisaged for the period 2021-2025. [38494/12]

Michael Noonan (Limerick City, Fine Gael)
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The issue raised by the Deputy is a matter which requires consideration in the overall context of sourcing and providing the necessary capital for the effective life time of the bank. It is important in this context to be clear the recent interim accounts produced by the bank refer to "winding up of the loan book in an orderly manner by 2020" as opposed to a winding up of the bank. This difference is important for technical reasons and also to provide options as to how the overall cost of the bank can be settled in an appropriate timeframe. I can confirm that, under current arrangements, the scheduled payments on the Promissory Notes are due to continue until 2031.