Dáil Éireann Debate, Thursday - 29 March 2012
77 Deputy Michael McGrath asked the Minister for Finance if he will provide details of the total amount of income received by the State from the covered institutions in respect of the various bank guarantees in place since 2008; and the amount expected to be received during the remainder of 2012. [17471/12]
View answerThe bank guarantee schemes to which the Deputy refers that have been in place since 2008 are the Credit Institutions Financial Support Scheme 2008 (CIFS Scheme), which was in operation between 30 September, 2008, and 29 September, 2010, and the Eligible Liabilities Guarantee Scheme (ELG Scheme) which came into operation on 9 December, 2009, and has a current issuance end date of 30 June, 2012, subject to review by the EU Commission. The total amount of income received to date from the banks covered by both schemes amounts to €2,861.04m.
This amount breaks down as follows:
|
Bank Guarantee Scheme |
Amount €m |
|
CIFS |
763.7 |
|
ELG |
2092.2 |
|
Total |
2855.9 |
Recoupment of Administrative and Legal Costs
Covered Institutions have signed up to agreements under both Schemes involving an undertaking to pay my Department on demand all legal and administrative costs from time to time incurred in any way in connection with the making of the Schemes and the giving of the guarantees. A total of €5.14m. has been received to date for recoupment of administrative and legal costs in support of both the CIFS and ELG Schemes.
Budget Profiles for 2012
The Deputy will be aware of this year's budget forecast for income from fees under the ELG Scheme which is estimated to be €800m.
A further €150,000 is expected in receipts for recoupment of administrative and legal costs for support of the ELG Scheme in 2012.
