Oireachtas Joint and Select Committees

Thursday, 14 December 2017

Public Accounts Committee

2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation

9:00 am

Mr. Des Carville:

I want to develop that slightly because there are actually three buckets, so there are various ways we could recoup the €29 billion that went into what I earlier called the "living banks". When we had debt-like instruments, contingent convertible capital notes, or CoCos, and preference shares, we received interest on those instruments. In the case of AIB, the Deputy might have seen earlier this year it declared its first dividend for nine or ten years, and we received 99% of that, so we receive dividend income as well. We also receive income when we sell the investments.

We have sold the preference shares and CoCos in Bank of Ireland. We have redeemed preference shares in AIB. That is income capital.