Written Answers - Financial Institutions Recapitalisation

Tuesday, 4 October 2011

Dáil Éireann Debate
Vol. 742 No. 2

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  129.  Deputy Thomas P. Broughan  Information on Thomas P. Broughan  Zoom on Thomas P. Broughan   asked the Minister for Finance  Information on Michael Noonan  Zoom on Michael Noonan   the level of payments on the promissory note payments over the next ten years; the expected interest level payments on the promissory notes from 2013; the reduction or elimination of these payments that he hopes to achieve; and if he will make a statement on the matter. [26926/11]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan  Zoom on Michael Noonan  There are promissory notes in Anglo (€25.3 billion ) and INBS (€5.3 billion) and in EBS (€0.25 billion). As Anglo and INBS have similar terms I will provide the information for them together and separately deal with EBS.

The promissory notes were issued in various tranches with different interest rates (four tranches for Anglo and 2 tranches for INBS). The total interest cost for the State for all [328]tranches of the Anglo and Irish Nationwide promissory notes is circa €17 billion with annual repayments of €3.1 billion per annum. These annual repayments reduce over time as the various tranches of the promissory note are repaid. The final payment on the promissory note of circa €0.1 billion will be made on 31 March 2031. Set out below is a detailed aggregated schedule of capital repayments and interest on the promissory notes.

Promissory Note Schedule — Anglo and INBS *

€bn Total interest Repayments Total capital reduction
31/03/2011 0.55 3.06 2.51
31/03/2012 — 3.06 3.06
31/03/2013 0.49 3.06 2.57
31/03/2014 1.84 3.06 1.22
31/03/2015 1.75 3.06 1.31
31/03/2016 1.65 3.06 1.41
31/03/2017 1.55 3.06 1.51
31/03/2018 1.44 3.06 1.62
31/03/2019 1.32 3.06 1.74
31/03/2020 1.19 3.06 1.87
31/03/2021 1.06 3.06 2.00
31/03/2022 0.91 3.06 2.15
31/03/2023 0.75 3.06 2.31
31/03/2024 0.57 2.09 1.52
31/03/2025 0.45 0.91 0.47
31/03/2026 0.39 0.91 0.52
31/03/2027 0.33 0.91 0.58
31/03/2028 0.26 0.91 0.65
31/03/2029 0.19 0.91 0.73
31/03/2030 0.10 0.91 0.81
31/03/2031 0.01 0.05 0.05
16.8 47.4 30.6

*These number may not tot exactly as a result of rounding

Promissory Note Schedule — EBS

€bn Total interest Repayments Total capital reduction
17/06/2011 0.014 0.025 0.011
17/06/2012 0.013 0.025 0.012
17/06/2013 0.012 0.025 0.013
17/06/2014 0.012 0.025 0.013
17/06/2015 0.011 0.025 0.014
17/06/2016 0.010 0.025 0.015
17/06/2017 0.009 0.025 0.016
17/06/2018 0.009 0.025 0.016
17/06/2019 0.008 0.025 0.017
17/06/2020 0.007 0.025 0.018
17/06/2021 0.006 0.025 0.019
17/06/2022 0.005 0.025 0.020
17/06/2023 0.004 0.025 0.021
17/06/2024 0.002 0.025 0.023
17/06/2025 0.001 0.022 0.020
0.12 0.37 0.25

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