Thursday, 12 December 2019

Questions (50)

Éamon Ó Cuív


50. Deputy Éamon Ó Cuív asked the Minister for Finance the investment made by the State in banks (details supplied) during the financial crisis by institution; the amount recouped to date from the institutions; the value of the residual investment by the State in the institutions; and if he will make a statement on the matter. [52288/19]

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Written answers (Question to Finance)

Over the course of 2009 and 2010 Anglo Irish Bank and Irish Nationwide Building Society were recapitalised at a cost of €34.7 billion. Of this €5.4 billion was injected into INBS and €29.3 billion into Anglo Irish Bank by way of equity and promissory notes.

These entities were merged in July 2011 to become the Irish Bank Resolution Corporation (IBRC) which was subsequently liquidated in February 2013. Please see table below which sets out the current net position of that capital support.



Cost of capitalising IBRC, through investments


Fees received under liability guarantee schemes


Claims paid under guarantee schemes


Exchequer funds received from IBRC Special Liquidators to date


Net position


To date the State has received payments of €1.5 billion from the Special Liquidation of IBRC. The recovery of further funds from the liquidation of IBRC will depend on the resolution of outstanding legal actions and the realisation of the remaining assets which is expected to be substantially completed by the end of 2021. All surplus funds that remain in IBRC at the conclusion of the liquidation will be returned to the State as the sole shareholder.

Further information in relation to the cost of banking stabilisation measures for IBRC is contained in Chapter 2 of the Accounts of the Public Services for 2018 published by the Comptroller and Auditor General in September 2019.