Stress test - il discorso del ministro delle finanze irlandese
Michael Noonan al Parlamento
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Bank Recapitalisation
I understand that ordinary people, investors and the financial markets as well as
our international partners wish to have clarity on the Government’s plans for
ensuring that the banks meet these demanding capital requirements.
A key objective for Government is of course to strengthen overall fiscal
sustainability by separating bank risk from that of the Sovereign. Clearly this can
be achieved only by returning the banking system to health.
It is acknowledged by all that a large part of the €46.3 billion already invested by
the State into the banks will not be recovered. But the State has not borne the full
burden of the collapse. Around €60 billion of private equity value in Irish banks
has also been destroyed since early 2007, much of it held by domestic citizens.
Subordinated bond holders have also already contributed around €10 billion to
the cost of the bailout.
Based on the Central Bank’s work, a further €24 billion, including €3 billion of
contingency funds, is now required by the banks for capital purposes. This is a
significant sum, though it is within the funding envelope available for this purpose
from the EU/IMF programme of support. This Government’s view is that there
should be no half measures. If it has to be done it will be done without delay.
This is not to say that this burden should fall first on the taxpayer without any
mitigation. Actions to significantly reduce the cost to the taxpayer will include
providing some element of capital up to €3 billion on a contingent basis – if not
required, the capital must be returned to the State.
We will also seek direct contributions to solving the capital issues of the banking
system by requiring further significant contributions from other sources including
from subordinated debt holders, by the sale of assets to generate capital
and where possible by seeking private sector investors.
It is important that, after going through the reorganisation, these three new banks
are able to operate in the market place as strong banks with a positive future and
ongoing positive relationships with counterparties of all kinds.