Dáil Éireann - Volume 675 - 18 February, 2009

Written Answers. - Financial Institutions Support Scheme.

Deputy Emmet Stagg asked the Minister for Finance the recent discussions, negotiations or other activities undertaken by him or his officials regarding the recapitalisation of Irish Nationwide, Irish Life & Permanent and EBS respectively; if he will provide an estimate of the cost to the Exchequer of such recapitalisations; if it is his intention to fund such recapitalisation by utilising assets held in the National Pension Reserve Fund; and if he will make a statement on the matter. [6358/09]

  Deputy Brian Lenihan: There are ongoing discussions between my Department and the other covered institutions — Irish Life & Permanent, EBS and INBS — concerning their respective capital positions. As I stated in December when I first announced an approach to the recapitalisation of the credit institutions, State investment will be assessed on a case-by-case basis in an objective and non-discriminatory manner, having regard to the systemic importance of the institution, the importance of maintaining the stability of the financial system in the State, and the most effective and economical use of resources available to the State and each credit institution’s particular requirement for capital.