I propose to take Questions Nos. 265 and 289 together.
A report on ‘Interest-Rate Swaps & Fixed-Rate Loans: Hidden Credit Lines’ was recently published by an organisation called Bank Confidential. This report raises a range of allegations primarily related to the sale of interest-rate swaps to small and medium enterprises in the United Kingdom.
Contingent assets and contingent liabilities are defined under the European System of Accounts (ESA 2010) as agreements whereby one party is obliged to provide a payment or series of payments to another unit only where certain specific conditions prevail.
Reviews of government accounts classifications are undertaken by the CSO, and validated by Eurostat. Details of classification decisions are published on the CSO’s website at the following address.
www.cso.ie/en/methods/governmentaccounts/classificationdecisions/
My Department also publishes information on contingent liabilities in accordance with EU Directive 2011/85. The latest report was published on the Department of Finance’s website on 30 October. A paper by my Department at the below address sets out how the data is categorised, including into government guarantees, non-performing loans, and liabilities stemming from the operation of public corporations.
assets.gov.ie/static/documents/contingent-liabilities-an-overview-april-2021.pdf.
All contingent assets and liabilities known to the Department and meeting the definition outlined in the European System of Accounts are included in the periodic publication, with the exception of entities whose liabilities do not exceed 0.01% of GDP.