Michael McGrath (Cork South Central, Fianna Fail)
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51. To ask the Minister for Finance if Permanent TSB have been indemnified against any future losses at Newbridge Credit Union in excess of the losses covered by the injection of €53 million in capital; and if he will make a statement on the matter. [48774/13]

Michael Noonan (Limerick City, Fine Gael)
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I have agreed to the Governor of the Central Bank’s request for the payment of a financial incentive to transfer the assets and liabilities of Newbridge Credit Union to Permanent TSB (excluding the premises) of up to €53.9m. This involves:

- €23m in cash up front (to fill the hole in the balance sheet);

- restructuring and integration costs €4.25m;

- €2m for other transferring liabilities; and

- a risk share on the transferring loans whereby the State will absorb 50% of the losses where loans perform below their transfer value and 50% of the gains where they perform above the transfer value. If these loans were written off entirely with no recovery this would result in an additional €24.7m total cost.

Permanent TSB has not been indemnified against any future losses at Newbridge Credit Union in excess of the losses covered by the financial incentive of €53.9m.

Michael McGrath (Cork South Central, Fianna Fail)
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52. To ask the Minister for Finance if he intends to put additional money into the credit union fund following recent events at Newbridge Credit Union; and if he will make a statement on the matter. [48775/13]

Michael Noonan (Limerick City, Fine Gael)
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The Government has set up two funds to support the stability of the credit union sector. The Credit Union Fund contains €250 million for the purpose of voluntary restructuring under the Credit Union Restructuring Board - ReBo.

The Government put €250 million into the Resolution Fund which was set up under the Central Bank and Credit Institutions (Resolution) Act 2011. The Resolution Fund provided support for the transfer of Newbridge Credit Union to PTSB. As the incentive will cost up to €53.9 million, I do not envisage additional money being required for the Fund at this time.

Michael McGrath (Cork South Central, Fianna Fail)
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53. To ask the Minister for Finance when a full report setting out the details of the cause of the financial difficulties at Newbridge credit Union will be available; and if he will make a statement on the matter. [48776/13]

Michael Noonan (Limerick City, Fine Gael)
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The Central Bank has published an extensive range of material on its website in relation to the Newbridge Credit Union transfer process including details on the background to this decision. This information includes a resolution report prepared for the Governor of the Central Bank and an affidavit prepared for the hearing on 10 November in the High Court.