Pearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

To ask the Minister for Finance the amount that will be paid in debt related interest in 2013; and the amount of this interest that can be attributed to debt acquired by the State as a result of banking recapitalisation. [38789/12]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

State support for the banking sector to date has amounted to approximately €64.2 billion, which includes Exchequer payments of €12.6 billion, Promissory Note payments in respect of IBRC and EBS of €30.9 billion and €20.7 billion has been provided from the NPRF. The Deputy should be aware that the Exchequer is funded by tax and non-tax revenue and borrowings. No specific tranches of borrowing were undertaken solely for the purpose of recapitalising the banking sector. Therefore, it is not possible to accurately quantify that part of the debt servicing bill that relates to the borrowing undertaken to recapitalise the banks. With regard to the amount of debt related interest that will be paid in 2013, the Stability Programme Update published in April 2012 provides the most recent estimates for debt interest expenditure. It forecast that interest expenditure on the National Debt to be paid from the Exchequer in 2013 would be approximately €7 billion. Separately, Promissory Note payments from the Exchequer of €3.1 billion which is comprised of capital and interest payments are profiled in 2013.