Oireachtas Joint and Select Committees
Thursday, 22 November 2012
Public Accounts Committee
2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011
11:20 am
Mr. John Corrigan:
Clearly, there was state aid in those transactions and that is reflected in the discussions with the European Commission. A total of €4.7 billion was invested in the Bank of Ireland by the fund. On foot of various transactions, the cash received from the bank came to €2 billion and the current value of that remaining investment is €1.9 billion. This represents a decline in value of 18%.
The investment in the banks consists of two elements. First is preference shares, which are like fixed rate instruments. The value of those at the end of 2011, and currently in the portfolio, was written down by 20%.