Dessie Ellis (Dublin North West, Sinn Fein)
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To ask the Minister for Finance the process undertaken to redeem subordinated and junior bonds at the covered institutions (details supplied); and specifically the way the haircut offers were derived. [1786/13]

Aengus Ó Snodaigh (Dublin South Central, Sinn Fein)
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To ask the Minister for Finance if he will set out in tabular form by year for 2008, 2009, 2010, 2011 and 2012 for each of the covered institutions (details supplied), the total subordinated and junior bonds repaid including the nominal value of the bonds, the sums actually paid and the haircut representing the difference between the two. [1785/13]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 59 and 60 together.

1)BOI figures are rounded to their nearest hundred million.

2)Consideration provided as part of the Liability Management Exercises was in the form of cash, equity and other debt instruments.

3)Foreign exchange rates are as at end financial period.

4)On 27 July 2012, the English High Court delivered a judgement granting declaratory relief against IBRC in favour of Assénagon. The effect of the Assénagon judgement is that the redemption of certain dated notes by the Bank during November and December 2010 was invalid and consequently these notes therefore continue in existence on their original terms. The Bank continues to honour quarterly coupon obligations in respect of the notes pending the outcome of the Appeal.

The purpose of the Liability Management Exercise (LME) transactions was to create additional core tier 1 capital and to strengthen the quality of the capital base of the Banks. I understand that these transactions were commercial decisions for the Institutions following consultation with their financial advisors.