231. Deputy Joanna Tuffy asked the Minister for Finance if he will provide an update on the losses for subordinated and junior bondholders since 2008; and if he will make a statement on the matter. [30409/15]

In the period since 2008, significant burden-sharing has been achieved with subordinated/junior bondholders through Liability Management Exercise (LME) transactions completed by the Covered Banks. The purpose of the LMEs was to create additional core tier 1 capital and to strengthen the quality of the capital base of the Banks.

Prior to the Central Bank's PCAR, burden sharing with subordinated bondholders raised c. €10 billion of capital gains across the Covered Institutions. In the period since this Government came into power, burden sharing with subordinated bondholders has realised an additional c. €5.2 billion greatly reducing the cost of recapitalising the banks and bringing the total to more than €15 billion.

The table sets out the amount of capital raised by the Covered Banks via LMEs since the banking crisis began.