Eoghan Murphy (Dublin South East, Fine Gael)
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158. To ask the Minister for Finance if he will provide a breakdown of the cost of transferring the accounts and systems from Newbridge Credit Union to PTSB; if this figure is in the region of €4 million; and the way this amount was arrived at. [50240/13]

Michael Noonan (Limerick City, Fine Gael)
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The financial incentives agreement - FIA - between the Central Bank and permanent tsb dated 10 November 2013, contains a provision for the Credit Institutions Resolution Fund to cover up to €4.25 million in restructuring and integration costs incurred by PTSB as part of the transaction. Under the FIA restructuring costs cover all vouched costs, including VAT, reasonably and necessarily incurred by PTSB which directly relate to the development, establishment and maintenance of a recovery and underwriting function in PTSB with respect to the loans transferred under the High Court Transfer Order. Integration costs cover all vouched costs reasonably and necessarily incurred by PTSB as a direct result of the transfer. Under the FIA, restructuring costs are capped at €3 million and integration costs are capped at €1.25 million, and costs claimed must be incurred by PTSB within 2 years of the date of the FIA. The FIA is available on the Central Bank website at www.centralbank.ie.