Written by RTE News: the “State” has spent or committed a total of €24.35bn on measures to “stabilise” the banking crisis. According to the Comptroller and Auditor General, financial support up to the end of July 2010 included €7 billion invested by the National Pension Reserve Fund in AIB and Bank of Ireland.
€4.2 billion was spent supporting Anglo Irish Bank and taking Irish Nationwide and EBS into State ownership.Promissory notes with €10.3 billion were issued to Anglo Irish Bank, €2.6 billion to Irish Nationwide and €250 million to EBS.A further €10 billion in promissory notes for Anglo Irish and €437m for EBS fell outside the period reviewed by the auditor. Bank liabilities covered by the State guarantees amounted to €334 billion. This included €78 billion for the deposit guarantee scheme.
Figures from the C&AG on the cost of advice to various State agencies arising from the banking crisis amounted to €33.7 million. Arthur Cox received about one-third of the total sum, receiving €9.66 million for advising the Department of Finance and €1.95 million from the National Pension Reserve Fund. The second biggest beneficiary was US bank Merrill Lynch, which got €7.33 million for advising the National Treasury Management Agency. Price Waterhouse Cooper received €4.95 million for advising the Central Bank and a further €1.58 million for advising the National Pensions Reserve Fund, while merchant bank Rothschild received €4.54 million from the National Treasury Management Agency.
Source:
http://www.rte.ie/news/2010/0915/banking.html
