In aggregate, the covered Irish banks have generated €15.5bn of capital from Liability Management Exercises (LMEs) over the last four years. The breakdown per year is as follows:
€bn
|
2008
|
2009
|
2010
|
2011
|
Total
|
PTSB
|
—
|
—
|
—
|
1.0
|
1.0
|
BoI
|
—
|
1.0
|
1.3
|
1.5
|
3.8
|
AIB
|
—
|
1.1
|
0.4
|
3.6
|
5.1
|
EBS
|
—
|
0.0
|
0.1
|
0.2
|
0.3
|
INBS
|
0.0
|
0.1
|
—
|
0.1
|
0.3
|
Anglo
|
—
|
1.8
|
1.6
|
—
|
3.3
|
Total cash gains from Sub-debt burden sharing
|
0.0
|
4.0
|
3.4
|
6.5
|
13.9
|
*BoI — Debt for Equity transactions
|
|
|
0.3
|
0.4
|
0.7
|
BoI — Residential Mortgage Backed Securitization LMEs
|
|
|
|
0.3
|
0.3
|
Anglo — Unrealised Tier 1 gain
|
|
0.3
|
|
|
0.3
|
Other
|
0.2
|
0.1
|
0.1
|
|
0.35
|
Total gains from LMEs
|
0.2
|
4.4
|
3.8
|
7.2
|
15.5
|
*In the case of Bank of Ireland (BoI) subordinated bondholders received €0.7bn of ordinary equity shares in consideration for their bond holdings (debt for equity transactions), as part of its recapitalisation in 2010 and 2011. In addition, BoI generated €0.3bn of capital in December 2011 from the re-purchase of c. €1.2bn residential mortgage backed securitizations.