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Financial Institutions Support Scheme

Dáil Éireann Debate, Tuesday - 25 March 2014

Tuesday, 25 March 2014

Questions (191)

Colm Keaveney

Question:

191. Deputy Colm Keaveney asked the Minister for Finance the total cost to the State of the bank guarantee introduced on 29 September 2008; the total amount received from the various banks in fees relating to this facility; and if he will make a statement on the matter. [12800/14]

View answer

Written answers

The Credit Institutions (Financial Support) Scheme, 2008, and the Credit Institutions (Eligible Liabilities Guarantee) Scheme, 2009 provide that the administrative costs -legal and other costs, charges, expenses (including VAT), would be borne by the participating institutions in connection with both Schemes. To date receipts of c.€5.8m have been received in respect of these administrative costs.

The ELG Scheme closed for new liabilities at midnight on the 28th March 2013 and no further fees will be recouped with regard to the administration of that Scheme. 

The Covered Institutions will continue to pay fees for eligible liabilities covered under the ELG Scheme which were incurred up to midnight on the 28th March 2013 and continue to be covered up to their maturity date. This could be up to 5 years maximum from the date the liability was incurred.

The total fees received to date from the participating institutions in respect of both the CIFS and ELG Schemes amount in total to c.€4.2bn; comprised of c.€758.4m in respect of CIFS and c.€3,461.9m in respect of the ELG Scheme. This does not include interest accrued or the administrative receipts of c.€5.8m already referred to in this reply. 

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