To ask Her Majesty's Government what was the cost to the UK of assisting Irish banks and financial institutions during the financial crisis; and whether the cost of such assistance and money provided has been repaid.
22 February 2019
HM Government did not provide any direct financial assistance to banks or financial institutions headquartered in Ireland during the financial crisis.
Ulster Bank, which is headquartered in Dublin, is part of the Royal Bank of Scotland (RBS) Group and indirectly benefitted from the recapitalisation of its parent company in 2008-9.
In 2010, Parliament authorised a bilateral loan of £3.2 billion to be lent to the Irish Government as part of a wider international assistance package. Disbursements were made in 8 tranches between 2011 and 2013. Principal repayments will begin in April 2019 and the Government expects the loan to be repaid on time and in full with interest. The most recent statutory report on the loan was laid in Parliament on 15 October 2018 and is available to view online.