Dáil Éireann Debate, Tuesday - 15 September 2020
266. Deputy Ged Nash asked the Minister for Finance the status of the take-up of the TLTRO III by Irish pillar banks individually and collectively; the way in which this compares with the current EU average; and if he will make a statement on the matter. [23730/20]
View answerAs the Deputy is aware, as Minister for Finance I have no role in the day to day commercial activities of any of the banks. Decisions in relation to liquidity management and funding are matters for the Board and management teams in each of the banks.
The Deputy will be further aware that the liquidity and funding position of both AIB and Bank of Ireland is very strong as reported in their recent H1 2020 Results. Both banks have significant excess liquidity and therefore I understand that their need to access ECB funding is limited relative to some banks elsewhere in Europe who make extensive use of ECB facilities such as TLTRO to fill gaps in their funding.
My officials have been provided with the following responses from AIB and Bank of Ireland:
AIB
“AIB noted at the time of its half year results, that TLTRO III is under consideration for September 2020 drawdown, indicating a participation amount of €4bn-€6bn.“
Bank of Ireland
“There have been no TLTRO III drawdowns by Bank of Ireland. The Group continues to have significant liquidity available with very strong liquidity buffers to support customer lending. However, we will continue to consider future TLTRO operations.”
