"The taxpayer put a total of €64.1bn into the Irish banks during the financial crisis. After exorbitant boom-time lending, Anglo Irish Bank and Irish Nationwide were in deepest trouble and the State had to put in €34.5bn into the crippled institutions. It was money down the drain as only €1.1bn has been recovered to date and the remaining €33.4bn is lost. No wonder it's known in the industry as a "sunk cost"."
"The Bank of Ireland injection of €4.7bn has returned €6.7bn and the bank is back in full private ownership for the past three years. AIB needed a bailout of €20.8bn to survive. The sale of the last of the State's shares earlier this year saw the payback tab rise to €19.8bn. A few other transactions will bring in another €250m, but the taxpayer will still be down €750m in a best-case scenario."
"PTSB received a bailout worth €4bn in 2011. Close to 30pc of PTSB mortgages were in some kind of trouble in the financial crash. Thus far, it has repaid €2.8bn, including cash from the sale of its former sister company Irish Life, share sales, bailout bonds, guarantee fees and interest payments. The debt is unlikely to be cleared from the sell-off of the State's remaining stake."
Total taxpayer support to Irish banks reached €64.1bn during the financial crisis. Anglo Irish Bank and Irish Nationwide required €34.5bn of State support, with only €1.1bn recovered and €33.4bn effectively lost. Bank of Ireland received €4.7bn and returned €6.7bn, and has been fully privately owned for three years. AIB needed €20.8bn and repaid €19.8bn, leaving an estimated €750m shortfall after pending transactions. PTSB’s €4bn bailout has produced €2.8bn in repayments, and remaining debt is unlikely to be cleared by selling the State’s stake. The overall bank bailout cost €32bn and was borne by the public. The Central Bank’s role is viewed as an obstacle to achieving the best price for PTSB, while returning banks to private ownership aims for stricter regulation and potential increased competition.
Read at Irish Independent
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