Dáil Éireann Debate, Tuesday - 5 April 2011
87 Deputy Michael McGrath asked the Minister for Finance the position regarding the amount of fees received to date, and expected to be received in total, by the Exchequer arising from the guarantee under the credit institutions (financial support) scheme 2008 and the eligible liabilities guarantee scheme 2009. [6588/11]
View answerThe sum of €760,467,567.60 was paid into the Exchequer on 28 October 2010 in respect of all fees and interest accumulated under Credit Institutions (Financial Support) Scheme which terminated on 29 September 2010. The Eligible Liabilities Guarantee Scheme 2009 (ELG) came into effect on 9th December 2010. The sum of €572,878,664.46 was also paid into the Exchequer on 28 October 2010 in respect of fees and interest accumulated under ELG. This means that a total of €1,333,346,232.06 has been paid into the Exchequer in respect of both Schemes since 30th September 2008.
A further sum of €282,269,427 has been received in fees under ELG from the participating institutions since 28 October 2010. The amounts expected to be received in respect of guarantee income from the Eligible Liabilities Guarantee are: 2011 — €800 million, 2012 — €300 million, 2013 — €150 million, and 2014 — €150 million.
The Deputy will of course appreciate that, in accordance with the fundamental accounting principle of prudence, all forecasts made by my Department must be based on the current position vis-à-vis EU State aid approval. Therefore, forecasts for the period after June 2011 are only in respect of fees for long-term debt issued under the ELG Scheme before end-June, which are paid for the lifetime of the debt up to five years. Accordingly, the Deputy should note that these estimates may change if there are changes to the availability and scope of the guarantee or to the level of guarantee fees approved under EU State aid rules.
