Dáil Éireann Debate, Thursday - 16 October 2008
14 Deputy Leo Varadkar asked the Minister for Finance if, in view of his reply to Parliamentary Question No. 208 of 7 October 2008, he has sought assurances from the banks that asset to liability values as published in the end of 2007 accounts accurately reflect the current asset to liability in October 2008; if he sought such an assurance before agreeing to provide a guarantee to the banks; and if he will make a statement on the matter. [35305/08]
Amharc ar fhreagraThe figure referred to by the Deputy was compiled on the basis of published audited annual financial statements for the institutions concerned for 2007. The relevant figures for covered liabilities are now being updated for end-September 2008 in the context of the guarantee charging model included in the draft Scheme laid before both Houses of the Oireachtas on 15th October 2008. In relation to asset figures for the institutions concerned, in addition to standard company law reporting obligations to publish audited accounts and those arising under the Building Societies Acts as well as disclosure requirements which apply to public limited companies under Stock Exchange rules, under paragraph 24 of the Scheme a covered institution shall submit such reports as are requested by the Regulatory Authority on behalf of the Minister which the Regulatory Authority considers are necessary to monitor compliance with the terms and conditions of the Scheme and the achievement of the purposes of the Act of 2008. These reports will address liquidity requirements, capital ratios, asset quality, risk exposures and funding costs. As the Deputy will be aware the guarantee provided by the Government relates to certain liabilities of covered institutions as set out at paragraph 10 of the Scheme which will be published in aggregate quarterly in Iris Oifigiúil.
