Written answers
Wednesday, 18 April 2012
Department of Finance
State Banking Sector
10:00 pm
Gerry Adams (Louth, Sinn Fein)
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Question 136: To ask the Minister for Finance if he will provide a breakdown of the level of State ownership or involvement in each of the Irish banks. [18122/12]
Michael Noonan (Limerick City, Fine Gael)
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The current State investments in each of the Irish banks are set out in the following table;
| Current State Ownership | AIB/EBS | BoI | IL&P | Anglo/INBS | Total |
| State Ownership of Ordinary Shares | 99.8% | 15.1% | 99.2% | 100% | n/a |
| Contingent Capital Notes (at cost) | €1.6bn | €1.0bn | €0.4bn | n/a | 3.0 |
| Preference Shareholdings (at cost) | €3.5bn | €1.8bn | n/a | n/a | 5.3 |
These holdings have been raised as a result of the bank recapitalisation commitments made by the State to date, these are set out in the following table:
| €bn | AIB/EBS | BoI | IL&P | IBRC (Anglo/INBS) | Total |
| Government preference Shares (2009) - NPRF | 3.5 | 3.5* | - | - | 7.0 |
| Capital contributions (with Promissory Notes as consideration) /Special Investment Shares (2010) – Exchequer ** | 0.9 | - | - | 30.7 | 31.6 |
| Ordinary Share Capital (2009) – Exchequer | - | - | - | 4.0 | 4.0 |
| Ordinary Share Capital (2010) - NPRF | 3.7 | - | - | - | 3.7 |
| Total pre-PCAR 2011 (A) | 8.1 | 3.5 | 0 | 34.7 | 46.3 |
| PCAR 2011: | AIB/EBS | BoI | IL&P | Anglo/INBS | Total |
| Capital from Exchequer*** | 3.9 | - | 2.7 | - | 6.5 |
| NPRF Capital | 8.8 | 1.2 | - | - | 10.0 |
| Total PCAR (B) | 12.7 | 1.2 | 2.7 | - | 16.5 |
| Total Cost of Recap for State (A) + (B) | 20.7 | 4.7 | 2.7 | 34.7 | 62.8 |
| * €1.7bn of BoI's government preference shares were converted to equity in May/June 2010 (€1.8bn still left in existence). The government also received €0.5bn from the warrants relating to BoI's preference shares (excluded from table above). | |||||
| ** The IBRC amount is made up of a total capital contribution for Anglo / INBS of €30.6bn and a special investment share of €0.1bn (INBS). The Anglo / INBS capital contribution impacted in full on the GGB in 2010. The consideration for the Anglo / INBS capital contribution was €30.6bn of promissory notes. These Promissory Notes are an amount due from the State to IBRC. Each year, on 31 March, €3.06bn is paid by the Exchequer to Anglo / INBS as part of the scheduled repayments of the promissory notes. The first such repayment was made on 31 March 2010. | |||||
| *** The Exchequer cost of the 2011 BoI recap is shown net of share sale to private investors (Completed in October, 2011) |
Please note that these figures only represent the capital committed to recapitalising these institutions and they do not take account of revenues received directly or indirectly from the banks. It should also be noted that the total cost of the recapitalisations would have been significantly higher were it not for the burden sharing achieved with holders of subordinated debt in each of the institutions.
Gerry Adams (Louth, Sinn Fein)
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Question 137: To ask the Minister for Finance if he will provide a breakdown of the public interest directors on the boards of the each of the Irish banks; and if he will provide a breakdown of the fees, salaries and expenses they receive for their position on the boards of these banks. [18123/12]
Michael Noonan (Limerick City, Fine Gael)
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Information regarding the remuneration of directors, including public interest directors, can be found in the published annual reports of each of the covered institutions, as follows:
| Bank | Directors' Remuneration Report | Public Interest Directors | Fees 2011€ |
| AIB | From p380 of Annual Report 2011 | Mr Dick Spring,Mr Declan Collier,Dr Michael Somers* | 59,00071,000150,000 |
| BOI | From p160 of Annual Report 2011 | Mr Tom Considine.,Mr Joe Walsh. | 90,00079,000 |
| ILP | From p60 of Annual Report 2011 | Ms Margaret Hayes,Mr Ray MacSharry. | 64,00056,000 |
* Dr Somers is a Government Nominee (not a public interest director) appointed on 14 January 2010 under the terms of NPRFC's investment of €3.5bn in AIB of May 2009. Dr. Somers is Deputy Chairman and Chairman of the Board Risk Committee and is paid a non-pensionable flat fee of € 150,000 per annum which includes remuneration for other services as a director of Allied Irish Banks, p.l.c.
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