Written answers

Tuesday, 28 January 2014

Department of Finance

Credit Guarantee Scheme Implementation

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

215. To ask the Minister for Finance if he will set out in tabular form the fees that have been received by the Exchequer from each institution on annual basis since 2008 in respect of the Credit Institutions Financial Support Scheme and the Eligible Liabilities Guarantee; and if he will make a statement on the matter. [4168/14]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

As the Deputy is aware, the ELG Scheme closed for new liabilities at midnight on the 28th March 2013. Eligible liabilities covered under the Scheme which were incurred up to midnight on the 28th March 2013 continue to be covered up to their maturity date which could be up to 5 years maximum from the date the liability was incurred. This means that covered liabilities will wind down over the period from midnight on the 28th March 2013 until the 28th March 2018 at the latest.

Fees paid by the covered institutions in respect of the ELG Scheme guarantee are paid quarterly in arrears and therefore there is a time lag before the fees are paid into the Exchequer (i.e. fees received as cash in Q1 of 2013 are in respect of fees accrued for Q4 of 2012).

The total fees received to date from the covered banks in respect of both the CIFS and ELG Schemes amount in total to €4.2bn which does not include interest accrued.  This amount comprises €758.4m in respect of CIFS and €3,461.9m in respect of the ELG Scheme.

 CIFS Scheme fees paid to date by Covered Institutions

€millionsIL&PBoIAIBAngloEBSINBSPostbankTotal
2008-32.3-37.9--0.004  70.20
200935.4138.1174.794.89.723.80.020476.52
201014.868.358.354.95.98.80.015211.01
2011---0.7---     .70
Total50.2238.7233.0188.315.632.60.039758.43
 

ELG fees paid to date by Participating Institutions

€millionsIL&PBoIAIBIBRCEBSTotal
201095.9275.5299.3149.934.2854.8
2011172.9448.7464.985.562.61234.6
2012165.2375.4332.023.954.7951.2
2013105.4142.3126.8  0.046.8421.3
Total539.41241.91223.0259.3198.33461.9

Comments

No comments

Log in or join to post a public comment.