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Dáil Éireann Vol. 726 Wednesday, No. 1 12 January 2011 DÍOSPÓIREACHTAÍ PARLAIMINTE PARLIAMENTARY DEBATES DÁIL ÉIREANN TUAIRISC OIFIGIÚIL—Neamhcheartaithe (OFFICIAL REPORT—Unrevised) Wednesday, 12 January 2011. Ceisteanna—Questions Minister for Finance Priority Questions …………………………… 1 Other Questions …………………………… 12 Leaders’ Questions ……………………………… 22 Ceisteanna—Questions (resumed) Taoiseach ………………………………… 38 Order of Business ……………………………… 50 Ministerial Rota for Parliamentary Questions: Motion ………………… 62 Criminal Justice (Public Order) Bill 2010: Order for Report Stage …………………………… 63 Report and Final Stages …………………………… 63 Message from Seanad ……………………………… 72 Private Members’ Business Water Utilities: Motion …………………………… 72 Adjournment Debate Swimming Pool Projects …………………………… 92 Private Health Insurance …………………………… 94 Fishing Industry Development ………………………… 96 Pigmeat Sector ……………………………… 99 Questions: Written Answers …………………………… 103 DÁIL ÉIREANN DÍOSPÓIREACHTAÍ PARLAIMINTE PARLIAMENTARY DEBATES TUAIRISC OIFIGIÚIL OFFICIAL REPORT Imleabhar 726 Volume 726 Dé Céadaoin, 12 Eanáir 2011. Wednesday, 12 January 2011. ———— Chuaigh an Ceann Comhairle i gceannas ar 2.30 p.m. ———— Paidir. Prayer. ———— Ceisteanna — Questions ———— Priority Questions Deputy Joe Carey: I call a quorum. An Leas-Cheann Comhairle: The House cannot begin without a quorum and there is a quo- rum present. We will now move to questions nominated for priority, commencing with Priority Question No. 64 in the name of Deputy Burton. I do not have the groupings. Does the Minister propose to group questions? Minister for Finance (Deputy Brian Lenihan): That is a matter for the Chair. An Leas-Cheann Comhairle: We are dealing with Priority Question No. 64 exclusively. I cannot call Priority Question No. 63 because the—— Deputy Joan Burton: The spokesperson is not present. I have no problem if the Minister has no problem. 1 Priority 12 January 2011. Questions Deputy Brian Lenihan: The spokesperson is not present so we are on the second question. An Leas-Cheann Comhairle: Yes. Deputy Brian Lenihan: Yes. Very good. An Leas-Cheann Comhairle: Priority Question No. 64. Banking Sector 64. Deputy Joan Burton asked the Minister for Finance the current state of affairs at Allied Irish Banks; the implications of State ownership for members of the bank’s board of directors; if he proposes to allow to continue in office those directors who remain in place since before the introduction of the original blanket bank guarantee in 2008; the position in relation to the proposed sell off of good assets by Allied Irish Banks to a new or expanded National Assets Management Agency vehicle, in view of comments recently attributed to the head of Financial Regulation, Mathew Elderfield; if he will estimate the likely capital requirements of AIB once the revised PCAR analysis has been carried out in early 2011; when he expects that these new capital requirements will have to be met; to the extent that the State will be meeting these capital requirements, the mechanism he intends to use to achieve this; and if he will make a statement on the matter. [1444/11] Deputy Brian Lenihan: The board strength of AIB prior to the introduction of the Govern- ment guarantee in September 2008 was 15. Only three of those who were in place at that time still remain, all three having joined the board in 2007. Prior to the recent State investment in the bank, the then managing director and executive chairman stepped down from their positions on the board in October and November 2010, respectively. Since September 2008, there have been six new appointees to the board, including the now interim executive chairman in October 2010 and the deputy chairman. One of the principal objectives of the new interim executive chairman will be to assist the group in its search for a long-term non-executive chairman and a group chief executive. I have indicated previously that a wholesale change of board personnel at all of the covered institutions was neither desirable nor practicable. Our actions to date have been consistent with that policy of progressive replacements, which will continue. I have encouraged AIB and the other institutions to make progressive changes both in terms of new appointees and retirements which have resulted in substantial changes in the composition of their boards. In addition, the Central Bank issued new corporate governance rules for banks and insurers that are to apply with effect from 1 January 2011 and designed to ensure that proper oversight exists to avoid or minimise the risk of a future crisis. Section 48 of the Credit Institutions (Stabilisation) Act 2010 deals with the duties of directors of relevant institutions and requires them to take the public interest into account. In December 2010, AIB received a net capital injection of €3.7 billion from the National Pensions Reserve Fund, NPRF, as part of its revised capital requirement of €9.8 billion which must be raised by the end of February. The remaining €6.1 billion capital requirement is expected to be met through a combination of fresh capital from the State, the execution of a liability management exercise in respect of existing subordinated debtholders and other capital generative measures by the bank. The Central Bank is in the process of conducting a revised PCAR exercise regarding AIB. At this stage, it is premature to speculate on the outcome of this analysis. As to the extent to which the exercise identifies additional capital requirements for the bank, the most appropriate 2 Priority 12 January 2011. Questions method by which this capital will be provided will be decided at the time in consultation between my advisers, the Central Bank and board of directors of AIB. As part of the agreement with the EU, the IMF and the European Central Bank, the State has agreed to adopt deleveraging measures and implement restructuring of the banking sector. To this end, target funding ratios for 2013 will be established for each of the banks, non-core assets will be identified and an adjustment path to these targets based on specified non-public annual benchmarks will be set. The 2011 PCAR is being conducted with the assistance of various external advisers, as announced on 6 January. The metrics and various possible structures are being examined and will be included as part of the process scheduled for completion by 31 March. It is expected that the capital requirements will be met shortly after completion of the exercise, but a defini- tive date has not been set. I am aware of the comments made by the Financial Regulator last week that restructuring of our banks could involve sales of good assets by the banks. However, I must point out that the analysis of all the options that could be used in a restructuring exercise is still ongoing. Proposals arising from such an analysis would of course need to be considered by the Govern- ment before they could be adopted. Deputy Joan Burton: I thank the Minister for his reply. Before Christmas, he mentioned a figure of €6.4 billion as regards extra money for AIB. Others have suggested the figure will be almost €10 billion. Will he clarify what he now expects the figure to be? What is the State’s net loss to date on its so-called investments in AIB? When the Minister introduced the bank guarantee, we were spun a story to the effect that such an investment in the banks would yield good returns. In fact, it has undermined the State disastrously, as the guarantee linked the debt of this and other covered institutions with that of the State. Does the Minister agree this is why the IMF came in to take over the country before Christmas? How much are the further injections into AIB? Do they amount to €6.4 billion, bringing the total to almost €10 billion? What does the Minister intend to do with the cash balances of the NTMA? Will he take those balances and place them directly into the bank or will he use a mechanism for transferring support to the bank along the lines of promissory notes? Deputy Brian Lenihan: As the answer makes clear, in December AIB received a net capital injection of €3.7 billion from the National Pensions Reserve Fund as part of its revised capital requirement of €9.8 billion, which must be raised by the end of February 2011. That is part of the revised capital requirement. The €3.7 billion was in any event a requirement since last March under the original requirement set by the regulator. Under the higher capital ratio now set in the EU-IMF-ECB agreement, the revised figure is €9.8 billion, of which €3.7 billion from the National Pensions Reserve Fund is part. The remaining €6.1 billion capital requirement, the difference between €3.7 billion and €9.8 billion, which will be outstanding until February, is expected to be met through a combination of fresh capital from the State; the execution of liability management exercises for existing subordinated bond holders and other capital gener- ative measures that bank has ongoing. I am trying to deal with all of the Deputy’s questions. An Leas-Cheann Comhairle: I want Deputy Burton to be able to ask a brief supplementary question, we are already over time on this question. Deputy Joan Burton: How much extra cash must the taxpayer put into this bank through the NTMA mechanism from its remaining cash balances? What figure does the Minister expect? He talks about an asset management exercise, which means the selling down of assets 3 Priority 12 January 2011. Questions [Deputy Joan Burton.] through a credit enhancement process, where the State would guarantee maximum losses for the buyers of those assets. Will the Minister specify how much he expects the asset management exercise to generate? Could he specify what other asset sales will take place and outline how much the State has lost on the investment in AIB so far? Deputy Brian Lenihan: Credit enhancement measures are separate from meeting the capital requirement; they do not arise as part of the answer to the Deputy’s question.
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