Kevin Humphreys (Dublin South East, Labour)
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To ask the Minister for Finance if Irish Life returned a dividend to the State in 2012; if he will indicate if the company was profitable in that time; if he expects to receive a dividend in 2013; and if he will make a statement on the matter. [1915/13]

Michael Noonan (Limerick City, Fine Gael)
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The State acquired Irish Life on 30 June 2012 and since that time has not received a dividend. Irish Life announced their interim results for H1 2012 on 19 Sep 2012, a copy of which is available at http://www.irishlifegroup.ie/financial-information/annual-and-interim-reports/2012.aspx. For the six month period ended 30 June 2012 the company reported a profit before tax of €96m on an IFRS basis and €84 million after tax. Results for the full year 2012 will become available by the end of March or the start of April. Any potential dividend to be paid by Irish Life in 2013 will be determined only following the completion of the 2012 audit and will in any event be subject to the approval of the board and the regulator.

Kevin Humphreys (Dublin South East, Labour)
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To ask the Minister for Finance if, in respect of Allied Irish Bank, he will outline the amount of public money invested by the State in the bank since 2008; the fees paid by the bank for the various deposit guarantees since then; the other sums paid by the bank to the State for repurchase of warrants and any other fees; the preference share and contingent capital holding and the coupon rate; the amount that has been paid so far and the amount to be paid in future; and if he will make a statement on the matter. [1916/13]

Michael Noonan (Limerick City, Fine Gael)
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I can inform the Deputy that the table below details the amount of public money invested and sums paid by Allied Irish Bank since 2008.

Notes:

1)2012 Exceptional Guarantee fees are the fees paid up to 31/12/2012 and excludes €1.2 million in legal and admin costs.

2)AIB’s warrants were cancelled on 23 December 2010 for consideration of €52.5m paid to the NPRF.

3)The recharge of legal costs of €6.1m received from AIB are excluded from the above table.

AIB’s €1.6bn of Contingent Convertible capital notes were issued on 26 July 2011 for a period of 5 years. These notes will convert or be exchanged into ordinary shares if either a Capital Deficiency or a Non-Viability event occurs as defined in the terms and conditions of the Contingent Convertible capital notes. These instruments carry a coupon of 10% or €160m per annum over the instrument’s life.

The 2009 Preference Shares pay a dividend at a rate of 8% per annum, payable annually in arrears at the discretion of AIB. Based on the nominal amount of €3.5bn of these shares currently outstanding, this equates to a dividend of €280m per annum.

If a cash dividend is not paid, AIB must issue bonus ordinary shares to the holders of the 2009 Preference Shares by capitalising its reserves. The State has never received a cash dividend on these instruments, with the Bank having to-date elected to issue bonus shares.

As the form of dividend to be paid on the 2009 Preference Shares is at the discretion of the Bank, I am not in a position to speculate on future payments.

Kevin Humphreys (Dublin South East, Labour)
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To ask the Minister for Finance if, in respect of Permanent TSB, he will outline the amount of public money invested by the State in the bank since 2008 and the fees paid by the bank for the various deposit guarantees since then; the other sums paid by the bank to the State for repurchase of warrants and any other fees; the preference share and contingent capital holding and the coupon rate; the amount that has been paid so far and the amount to be paid; and if he will make a statement on the matter. [1917/13]

Michael Noonan (Limerick City, Fine Gael)
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I can inform the Deputy that in total Permanent TSB received €4 billion of public money since 2008. This is made up of €2.7 billion invested in July 2011 - €2.3 billion invested in ordinary shares and €0.4 billion invested in contingent convertible capital notes - and €1.3 billion for the purchase of Irish Life in June 2012. The fees paid by Permanent TSB since 2008 are shown in the following table:

Notes

1.Fees for the CIFS Scheme (30 September 2008 to 29 September 2010) amounted in total to €50.2 million. Fees for the ELG Scheme (for periods Q1 2010 to Q4 2012 inclusive) amounted in total to €434 million.

2.Commissions of €46.25 million were paid to the Exchequer in relation to the July 2011 recapitalisation. Commission of 1.5% (€6 million) was charged on the investment in the Contingent Convertible Capital notes and commission of 1.75% (€40.25 million) was paid in respect of the ordinary share investment.

3.€40 million of interest was paid to the State in July 2012 in respect of interest on the Contingent Convertible Capital notes. The coupon on the €400 million of Contingent Convertible Capital notes is 10%.

Permanent TSB is invoiced periodically in respect of administration and legal costs associated with implementation of both bank guarantee schemes (the original CIFS Scheme and later ELG Scheme). These fees, amounting to €0.9 million to date, are not included in the table above.

Permanent TSB has also been recharged in respect of financial and legal costs incurred by the NTMA in respect of the recapitalisation. To date €3.4 million has been invoiced by the NTMA to Permanent TSB and these fees are not included in the table above.

The State has not held any Preference Shares in Permanent TSB or warrants to purchase Permanent TSB shares as part of the recapitalisation of the banking sector.

The State owns 100% of Irish Life which will be sold in due course.