Oireachtas Joint and Select Committees
Thursday, 17 November 2022
Public Accounts Committee
2021 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Finance Accounts 2021
2021 Report on the Accounts of the Public Services of the Comptroller and Auditor General
Chapter 1 - Exchequer Financial Outturn for 2021
Chapter 2 - Net Cost of Banking Stabilisation Measures
Chapter 22 - Ireland Apple Escrow Fund
9:30 am
Mr. Des Carville:
We went from 99% to just under 72%. What we have been doing since is monitoring the bank's performance against market conditions, and again trying to act like a responsible investor or seller and strike when the market conditions are conducive to a transaction. We have done that twice this year. We sold 5% of the bank in two transactions this year.
We also benefited from a directed buyback by the bank whereby it brought back shares and we sold our pro ratashareholding into that transaction. In the first transaction, which was for 5%, we realised €305 million. In the second transaction earlier this month, we realised €397 million.
The Deputy also asked about costs.The cost to us in terms of our banking syndicates or the selling banks we used is actually zero. We have some legal costs associated with these transactions but they are recoupable.
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