Maureen O'Sullivan (Dublin Central, Independent)
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To ask the Minister for Finance if he will publish a schedule identifying all those financial institutions that have ultimate recourse to the German sovereign exchequer in the event of default which derived a benefit or which were protected from loss by the bank guarantee given by the then Government on behalf of the Irish people on 28 September 2010; if he will publish his estimate of the gain conferred on those institutions by way of the guarantee; and if he will make a statement on the matter. [49573/12]

Michael Noonan (Limerick City, Fine Gael)
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I refer the Deputy to a previous answer with respect to our ability to identify bondholders. I confirm again that neither the banks nor the Government have an accurate means of establishing the underlying ownership of securities issued by the banks under the ELG as of a particular point in time. As these securities are freely tradable once issued it is not possible to trace their ultimate ownership. These securities are traded and dealt through market participants and settled by clearing house systems. An issuer does not have any access to the records of the clearing house. At maturity, the Bank will instruct its paying agent to transfer the funds due to the clearing house who will then distribute the funds to the holders of the securities as per their records. Even where the bank is presented with lists alleging to represent names of bondholders I am informed there is no way for the bank or anyone else to completely verify the accuracy of such lists. Unfortunately, this makes it impossible for me to answer your question directly. It is therefore not possible to provide you with a schedule of financial institutions with recourse to the German sovereign exchequer who may have been the holders of such securities.