Michael McGrath (Cork South Central, Fianna Fail)
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To ask the Minister for Finance his estimate of the final cost of winding up the Irish Bank Resolution Corporation; and if he will make a statement on the matter. [5153/13]

Michael Noonan (Limerick City, Fine Gael)
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IBRC provides details of their outstanding liabilities in their published accounts. This cumulative figure amounted to €50.4bn at 30 June 2012 including €45.2bn representing sale and repurchase agreements with banks and central banks. This amount will have to be repaid over time, mainly from annual instalments on the Promissory Notes. The realisable value on the remaining IBRC loan book (€15.6bn at 30 June 2012) will also be used to reduce this liability over time. The amount of money required by IBRC to repay total liabilities (including these sale and repurchase agreements) is subject to material uncertainty and market factors which include; the expected timing of asset recoveries and sales (themselves dependant on property prices, especially in the UK and Ireland); the volume and timing of maturing funding commitments and deposits; and projected interest rates within the Eurozone. The bank’s policy is that, due to the commercially sensitive nature of such information as noted above combined with the many external variables involved, it does not issue formal projections. However, as you may be aware, the Chairman of IBRC stated at the Oireachtas Committee for Finance and Public Expenditure that he hopes the final bill for Anglo Irish Bank, “will come nearer to €25 billion....than the €29 billion to €34 billion figure”, previously announced. The bank remains of the view that there will be a small return to the State at full resolution, given the assumptions currently being used.