I propose to take Questions Nos. 219 to 221, inclusive, and 250 together.
The Deputy will be aware that when this Government took office it attempted to enforce burden sharing with senior unguaranteed bondholders in particular institutions that were no longer core elements of the Irish financial system. Intensive discussions were held with our European partners and particularly President Trichet of the ECB in the run-up to the announcement of our stress tests on 31st March 2011. At that time the President believed that such action was not in the interests of Ireland or the Euro Area. This matter was discussed again with President Trichet on a number of occasions including the Ecofin meeting in Poland in September 2011.
The Central Bank of Ireland has advised me that as of 18th February 2011, the total unguaranteed senior debt issued by the covered institutions was €36,452m of which €20,039m was unguaranteed senior secured and €16,413m was unguaranteed senior unsecured (This information was published to the Central Bank of Ireland website in April 2011).
Within these figures, the amount outstanding at Anglo Irish Bank and Irish Nationwide combined was €3,748m (unguaranteed senior unsecured), while there was no senior unguaranteed secured notes in issue. As the Deputy is aware, burden sharing was thus restricted to junior debt, which over the course of the crisis contributed over €15bn in capital to the Covered Institutions.