Dáil Éireann Debate, Thursday - 21 November 2013
60. Deputy Michael McGrath asked the Minister for Finance if payments made by the Exchequer under the credit resolution fund are repayable in certain circumstance; the criteria for repayment; and if he will make a statement on the matter. [50038/13]
View answerThe Government put €250 million into the Credit Institutions Resolution Fund which was set up under the Central Bank and Credit Institutions (Resolution) Act 2011. The Act provides that payments may be made from the Fund for the resolution of financial instability in, or an imminent serious threat to the financial stability of, an authorised credit institution. Under Section 12(2) of the Resolution Act, I as Minister for Finance, am entitled to be reimbursed from the Fund for all contributions to that Fund and for any financial incentive provided. This amount will be recouped in the form of a levy on financial institutions over time.
