Tuesday, 19 February 2013

Questions (258)

Gerry Adams


258. Deputy Gerry Adams asked the Minister for Finance if he will detail the total amount of ELA debt that was provided to the Irish Banking Resolution Corporation for the loan assets assigned as collateral under the Master Loan Repurchase Agreement facility with the Central Bank of Ireland before the IBRC liquidation; and if he will make a statement on the matter. [8287/13]

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Written answers (Question to Finance)

At the time of the IBRC liquidation the funding agreements in place between IBRC and the Central Bank of Ireland with respect to ELA consisted of the Special Master Loan Repurchase Agreement and the Facility Deed.

There was no funding advanced to IBRC under the Master Loan Repurchase Agreement when IBRC was put into liquidation. Previously, part of the ELA outstanding was secured by loan assets under an MLRA. By the time of the appointment of a Special Liquidator to IBRC, the MLRA collateral had been replaced by lending against the Facility Deed and a floating charge over all of the assets on IBRC’s balance sheet.