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11/29/2012 12:00:00 AM


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Hayes, Brian

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Credit Institutions (Eligible Liabilities Guarantee)(Amendment) Scheme 2012: Motion

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Credit Institutions (Eligible Liabilities Guarantee)(Amendment) Scheme 2012: Motion

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Credit Institutions (Eligible Liabilities Guarantee)(Amendment) Scheme 2012: Motion

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Senator


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Minister of State at the Department of Public Expenditure and Reform (Deputy Brian Hayes)

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Minister of State at the Department of Public Expenditure and Reform (Deputy Brian Hayes)

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Brian Hayes

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Snippet Contents:

Almost one year ago to the day, the Minister for Finance addressed colleagues in the House on the subject of the bank guarantee scheme, otherwise known as the ELG scheme. A lot has happened since in the banking sector. The covered banks have continued to make progress overall under the financial measures programme - the rigorous analysis of the capital and liquidity requirements of the domestic banks presented in March 2011 - and advanced in terms of recapitalisation, asset deleveraging, deposit inflows and restructuring plans. The recapitalisation of the PCAR banks - AIB, Bank of Ireland and the PTSB - and the IBRC has been successfully completed. According to the survey of European banks carried out by the European Banking Authority published late last year, the Irish banks more than met the minimum standard set down for core tier 1 capital ratio of 10.5%. Deleveraging has progressed well so far and total covered bank deleveraging of about €63 billion had been achieved up until the end of September this year. Further significant disposals have also been targeted for completion by the end of the current quarter of 2012 as part of the pillar banks' planned run-down of non-core balances. With respect to funding, the banks' positions have improved significantly. Deposits in AIB, Bank of Ireland and the PTSB have stabilised, with a gain in net inflows achieved since last year; international debt markets have opened up to the Irish banks; and reliance on ECB funding sources is down on previous levels. As part of the EU-IMF programme, the Irish authorities had submitted revised restructuring plans for all of the participating institutions by the end of September this year. On a related and supportive level, market sentiment towards Ireland as a sovereign borrower has improved considerably and this has been assisted by the re-entry of the NTMA into the bond auction markets, the fall in Irish Government bond yields, from 7.34% last May to 4.47% yesterday, and the prospect of a future agreement on breaking the link between bank debt and sovereign debt.
Against this background, as I have outlined, we have been looking in recent months at the future of the eligible liabilities guarantee scheme. In reply to a parliamentary question to the Minister for Finance on 4 October it was mentioned, inter alia, that an ad hoc working group chaired by the Department of Finance and involving both the Central Bank and the NTMA was looking to develop a strategy to exit the scheme, consistent with preserving financial stability.