Joan Burton (Dublin West, Labour)
Link to this: Individually | In context

Question 116: To ask the Minister for Finance the progress regarding the investigations into wrongdoing at Anglo Irish Bank; and if he will make a statement on the matter. [32373/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
Link to this: Individually | In context

As the Deputy is aware the various external investigations into alleged wrongdoing at Anglo Irish Bank are ongoing. The Bank is co-operating with all of these investigations and will continue to do so. While the Financial Regulator, the Garda Fraud Office and the Office of the Director of Corporate Enforcement have committed significant resources to their investigations, the matters under investigation are highly complex and it will take some time to establish the precise details of what actually transpired.

The bodies concerned are independent in carrying out their functions and do not report to me on their progress. It would, therefore, be inappropriate for me to comment on their likely outcome. However, like all concerned I am anxious that the investigations are completed as swiftly as possible by the agencies involved.

Joan Burton (Dublin West, Labour)
Link to this: Individually | In context

Question 117: To ask the Minister for Finance the details of subordinated bond buy back operations at Anglo Irish Bank since its nationalisation including the price paid, the underlying book value, the counterparty and the net effect of such operations on the capital adequacy ratios of the bank; and if he will make a statement on the matter. [32374/09]

Joan Burton (Dublin West, Labour)
Link to this: Individually | In context

Question 118: To ask the Minister for Finance the details of subordinated bond buy back operations at Anglo Irish Bank since its nationalisation; and if he will make a statement on the matter. [32375/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
Link to this: Individually | In context

I propose to take Questions Nos. 117 and 118 together.

On the 22nd July 2009 Anglo Irish Bank Corporation Limited launched a €3.2 billion "any and all" fixed price cash tender offer for five Tier 1 securities, one Upper Tier 2 security and one lower Tier 2 security. The purchase price paid for the Tier 1 securities was 27% of nominal value, for the Upper Tier 2 security was 37% of nominal value and for the lower Tier 2 security was 55% of nominal value. €2.5 billion of securities were tendered by investors which corresponds to a weighted average success rate across all of the securities of 77%. For information I attach a copy of the "Market Notice regarding the Tender Offer Results" which was issued by the Bank at the completion of the process. The profit arising from the buy back process was €1.6bn.

The transaction, along with the subsequent €0.8 billion capital injection from the Government significantly bolstered the Bank's Core Tier 1 capital ratio and had only a marginal impact on the Total Capital ratio. I do not have details of the counterparties concerned because of the nature of the trading and the fact that such information is commercially sensitive.