Written answers

Wednesday, 26 February 2014

Photo of Finian McGrathFinian McGrath (Dublin North Central, Independent)
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48. To ask the Minister for Finance if he will provide details of the EU Restructuring Plan referred to by persons (details supplied) in the context of terminations affected by EBS; the EU or national legislation that governs this restructuring plan to ensure it is properly overseen and fully implemented; and if he will make a statement on the matter. [9767/14]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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As the deputy will be aware the Treaty governing the functioning of the European Union (TFEU) and the associated EU State Aid Guidelines requires that all EU banks in receipt of State Aid agree a Restructuring Plan with the EU Commission. The plan must among other requirements outline the restructuring steps to be undertaken  to return the bank to viability and ensure that the State Aid is both adequately remunerated and repaid. While the Restructuring Plan relates to the bank concerned the relevant Member State is ultimately responsible for the Plan s delivery. However, as the specifics of  the matter referred to is the subject of ongoing litigation I am unable to make any comment at this juncture.

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