Written answers
Thursday, 14 October 2010
Department of Finance
Banking Sector
5:00 pm
Joan Burton (Dublin West, Labour)
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Question 64: To ask the Minister for Finance if the National Pension Reserve Fund will participate in and underwrite the Allied Irish Banks rights issue at a fixed price of 50 cent per share irrespective of its prevailing market price at the time of the rights issue; and if he will make a statement on the matter. [36866/10]
Brian Lenihan Jnr (Dublin West, Fianna Fail)
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2057In my statement on banking on the 30th September last I indicated that AIB is to raise â¬5.4bn of capital through a placing and open offer to shareholders of AIB. The transaction is to be fully underwritten by the National Pension Reserve Fund Commission (NPRFC) at a fixed price of â¬0.50 per share and is expected to be completed in 2010 subject to shareholder and regulatory approval. I am advised that it is the normal practice in underwritten transactions that the underwriting price is fixed at announcement.
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