Tommy Broughan (Dublin North East, Labour)
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To ask the Minister for Finance the total current projections for 2013 for promissory notes payments and interest and national debt amounts and Interest resulting directly from the banking recapitalisation costs under the blanket bailout guarantees; and if he will make a statement on the matter. [53240/12]

Michael Noonan (Limerick City, Fine Gael)
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The fiscal forecasts for 2013 set out in the recently published Medium-Term Fiscal Statement (MTFS) assume a €3,060 million cash payment from the Exchequer in respect of the IBRC Promissory Note next year. Similarly, the forecasts also assume a €25 million cash payment in respect of the EBS Promissory Note next year. These payments are part of the estimate of Exchequer non-voted capital expenditure, as set out in table 3.3 on page 26 of the MTFS. The Deputy should also be aware that tables 4a and 4b on pages 92 and 93 respectively of the MTFS show the current schedule with regard to Promissory Note payments out to 2031 as well as the impact on the General Government Balance (GGB) of the initial principal sum of €30.85 billion and accrued interest. The 2013 GGB forecast, as per the MTFS, of -7.5 per cent of GDP makes allowance for some €1.9 billion or 1.1 per cent of GDP in accrued interest on the Promissory Notes in 2013. This has a significant negative impact on the GGB next year.

National debt stood at €136.8 billion at end-October 2012. As regards payments for banking recapitalisation which affected the National debt, the following is the position:

- In 2009, the Exchequer injected €4 billion into Anglo Irish Bank.

- In 2010, the Exchequer provided, by way of Special Investment Shares (SIS), €625 million to EBS and a further €100 million to INBS.

- In 2011, the Exchequer funded the first of the Promissory Notes payments to IBRC (formerly Anglo Irish Bank and INBS) and EBS. These amounted to €3,060 million and €25 million respectively. The Exchequer also provided a net €6.5 billion towards the recapitalisation of Allied Irish Banks, Bank of Ireland and Irish Life and Permanent (ILP) in July 2011.

- In 2012, the Exchequer funded the second €25 million instalment of the EBS Promissory Note. It also funded the €1.3 billion acquisition of Irish Life Limited from ILP. Finally the bond issued to settle the 2012 IBRC Promissory Note also added to National debt this year.

Table 4.2 on page 35 of the MTFS sets out the latest projections for national debt interest expenditure in 2013. As regards interest resulting from banking recapitalisation costs, it is generally the case that 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 national debt interest that relates to borrowing undertaken to recapitalise the banks. The Deputy should be aware that the Exchequer is funded by tax revenue, non-tax revenue and capital resources as well as by borrowings.