Dáil Éireann Debate, Tuesday - 5 February 2013
250. Deputy Pearse Doherty asked the Minister for Finance the amount of state aid paid by the National Asset Management Agency in its acquisition of €10 billion par value loans at Bank of Ireland for €6.1 billion. [5297/13]
View answerI would like to draw the Deputy’s attention to Table 3 on page 33 of the 2011 Annual Report. This table details NAMA's loan acquisitions by institution. It shows that NAMA paid a consideration of €5.6 billion for loan balances of €9.9 billion in the case of BOI. I am advised that, when it granted its approval to the NAMA scheme in February 2010, the European Commission stated that the difference between the long-term economic value of bank assets and their current market value was the State aid element of the scheme. The Comptroller and Auditor General Special Report No. 79, NAMA Management of Loans, which was published in February 2012 gives a detailed breakdown of the State Aid for each of the banks. However, I would refer the Deputy to Question No. 272 answered on 29 January 2013, regarding the approval of the final tranches by the EU.
