Joanna Tuffy
Ceist:79. Deputy Joanna Tuffy asked the Minister for Finance if he will provide an update on all moneys repaid to the State by the banks (details supplied); and if he will make a statement on the matter. [42472/12]
Amharc ar fhreagraThursday, 4 October 2012
Ceisteanna (79)
Freagraí scríofa
I note similarities between the Deputy’s question and the Deputy's Question No. 65 of 26 April last. In this context, I propose to answer the Deputy’s question by giving an update on the position since my reply on 26 April last. The total fees received to date from the covered banks in respect of both the CIFS and ELG schemes amount to €3.362 billion, which does not include interest accrued. This amount comprises €758.4 million in respect of the CIFS and €2,604.2 million in respect of the ELG scheme. A breakdown of fees paid by year for each of the covered banks can be seen in the following tables:
ELG fees paid to date by Participating Institutions:
|
Year |
IL&P |
BoI |
AIB |
IBRC |
EBS |
Total |
|
2010 |
€95.9 million |
€275.5 million |
€299.3 million |
€149.9 million |
€34.2 million |
€854.8 million |
|
2011 |
€172.9 million |
€448.7 million |
€464.9 million |
€85.5 million |
€62.6 million |
€1,234.6 million |
|
2012 |
€80.0 million |
€205.1 million |
€189.3 million |
€15.6 million |
€24.8 million |
€514.8 million |
|
Total |
€348.8 million |
€929.3 million |
€953.5 million |
€251 million |
€121.6 million |
€2,604.2 million |
CIFS fees paid to date by Participating Institutions:
|
Year |
IL&P |
BoI |
AIB |
Anglo |
EBS |
INBS |
Postbank |
Total |
|
2008 |
----- |
€32.3 million |
----- |
€37.9 million |
----- |
----- |
€4,000 |
€70.2 million |
|
2009 |
€35.4 million |
€138.1 million |
€174.7 million |
€94.8 million |
€9.7 million |
€23.8 million |
€20,000 |
€476.52 million |
|
2010 |
€14.8 million |
€68.3 million |
€58.3 million |
€54.9 million |
€5.9 million |
€8.8 million |
€15,000 |
€211.01 million |
|
2011 |
----- |
----- |
----- |
€700,000 |
----- |
----- |
----- |
€700,000 |
|
Total |
€50.2 million |
€238.7 million |
€233 million |
€188.3 million |
€15.6 million |
€32.6 million |
€39,000 |
€758.43 million |
I note that in this question, the Deputy mentions money given to the State and not just the Exchequer as was stated in the question referred to above. Covered institutions have signed up to agreements under both schemes involving an undertaking to pay my Department on demand all legal and administrative costs from time to time incurred in any way in connection with the making of the schemes and the giving of the guarantees. The money recouped is paid into my Department’s Appropiations-in-Aid Account, unlike the ELG and CIFS fees which are paid into the Exchequer. A total of €5.35 million has been received to date for recoupment of administrative and legal costs in support of both the CIFS and ELG Schemes. The bank recapitalisation commitments made by the State to date are set out in the following table:
|
. |
AIB/EBS |
BoI |
IL&P |
IBRC (Anglo/INBS) |
Total |
|
Government preference Shares (2009) - NPRF |
€3.5 billion |
€3.5 billion* |
----- |
----- |
€7 billion |
|
Capital contributions (with Promissory Notes as consideration) /Special Investment Shares (2010) – Exchequer ** |
€900 million |
----- |
----- |
€30.7 billion |
€31.6 billion |
|
Ordinary Share Capital (2009) – Exchequer |
----- |
----- |
----- |
€4 billion |
€4 billion |
|
Ordinary Share Capital (2010) - NPRF |
€3.7 billion |
----- |
----- |
----- |
€3.7 billion |
|
Total pre-PCAR 2011 (A) |
€8.1 billion |
€3.5 billion |
----- |
€34.7 |
€46.3 billion |
|
PCAR 2011: |
AIB/EBS |
BoI |
IL&P |
Anglo/INBS |
Total |
|
Capital from Exchequer*** |
€3.9 billion |
- |
€4 billion |
----- |
€7.8 billion |
|
NPRF Capital |
€8.8 billion |
€1.2 billion |
----- |
----- |
€10 billion |
|
Total PCAR (B) |
€12.7 billion |
€1.2 billion |
€4 billion |
----- |
€17.8 billion |
|
Total Cost of Recap for State (A) + (B) |
€20.7 billion |
€4.7 billion |
€4 billion |
€34.7 |
€64.1 billion |
* €1.7bn of BoI’s government preference shares were converted to equity in May/June 2010 (€1.8bn still left in existence). The government also received €0.5bn from the warrants relating to BoI’s preference shares (excluded from table above). In addition the State received €1.1bn stock coupons from BoI and AIB relating to the Government Preference shares.
** The IBRC amount is made up of a total capital contribution for Anglo / INBS of €30.6 billion and a special investment share of €0.1bn (INBS). The Anglo / INBS capital contribution impacted in full on the GGB in 2010. The consideration for the Anglo / INBS capital contribution was €30.6 billion of promissory notes. These Promissory Notes are an amount due from the State to IBRC. Each year, on 31 March, €3.06 billion is paid by the Exchequer to Anglo / INBS as part of the scheduled repayments of the promissory notes. The first such repayment was made on 31 March 2010.
*** The Exchequer cost of the 2011 BoI recap is shown net of share sale to private investors (Completed in October, 2011)
As the Deputy will be aware, the banks were required to raise a total of €24 billion as a result of the Central Bank’s 2011 Prudential Capital Assessment Review. However, primarily as a result of successful private equity contributions, asset sales and burden sharing with bondholders the Government only had to inject €16.5 billion into the relevant institutions. In addition, the State acquired Irish Life for €1.3 billion to complete the recapitalisation of Irish Life & Permanent. It is expected that the proceeds of an onward sale of Irish Life in due course will reduce the amount the State has committed to the bank recapitalisation. The State has also received cash dividend payments from the Bank of Ireland Government preference shares in the amount of €400 million to date. The State also received its first cash coupon of €300 million in relation to the Contingent (CoCo) Capital instruments in July 2012, split between AIB - €1.6 billion, BoI - €1 billion and PTSB - €400 million.