Pearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance further to Parliamentary Question No 281 on 18 September 2012, if he will confirm that when he states I can confirm that, under current arrangements, the scheduled payments on the Promissory Notes are due to continue until 2031 that he means that a total of circa €48bn is scheduled to be paid to Irish Bank Resolution Corporation up to 2031 in respect of the promissory notes, and that further to Parliamentary Questions Nos 283 and 284 on 18 September 2012 if he will further confirm that when he states I have been advised that in calculating the projected final net asset position IBRC take into account interest from all assets including customers, securities and Promissory Notes that the ultimate net asset position which was previously estimated by the management of Anglo for that bank at €3-4bn, takes account of the €48bn of scheduled payments on the Promissory Notes. [40895/12]

Michael Noonan (Limerick City, Fine Gael)
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I can confirm that under current arrangements the scheduled payments on the Promissory Notes are due to continue until 2031 and a total of €48bn is due to be paid. I enclose again the proposed schedule of payments. IBRC has confirmed that the Bank’s CEO has previously indicated that the likely outcome, based on current assumptions, for Anglo Irish Bank at the end of the Bank’s long term forecasting/commitments horizon in 2020 is in the region of €25 - €28 billion. This forecast of €25-€28 billion does not include the coupons payable on the residual Promissory Note between 2020 and 2031 but does take into account interest from all assets including customers, securities and Promissory Notes up to 2020.

* These numbers may not tot exactly as a result of rounding

** The March 2012 repayment was settled with a long term Government bond.