Catherine Murphy (Kildare North, Social Democrats)
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252. To ask the Minister for Finance what funds have been approved for the restructuring of a bank (details supplied) after the extraordinary general meeting on 3 November 2017; and if he will make a statement on the matter. [46988/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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There are no State funds provided or required in relation to the creation of a Holding Company by AIB, as facilitated by an EGM (Extraordinary General Meeting) on Friday 3rd November.

AIB is required to establish a Holding Company structure under the BRRD (Bank Recovery and Resolution Directive) which established an EU framework for dealing with pre-resolution and resolution mechanisms, tools and rules applicable to banks. The BRRD is designed to provide the relevant authorities with a credible set of tools to intervene sufficiently early and quickly in an unsound or failing bank or its group to ensure the continuity of its critical financial and economic functions, and minimise the impact on the economy and financial system.

The implementation of this holding company structure enables AIB to meet its regulatory requirements. It also provides additional confidence that they have sufficient amounts of capital, and liabilities that are capable of absorbing losses, without recourse to public funds, in a manner that minimises the impact on financial stability.