Pearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

To ask the Minister for Finance the most recent valuation of the State’s stake in Irish Life; the date on which the valuation was undertaken; if any persons outside his Department assisted in the valuation; and if so, the names of same and the quantum of any fees paid for any external valuation. [5292/13]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

As I stated in response to PQ 51139/12, the State paid consideration of €1.3 billion to acquire a 100% interest in Irish Life in June 2012. The shares are held at this value in the Finance Accounts and do not get revalued on a regular basis. In arriving at the consideration agreed in March 2012, information available to us from the sale process which was postponed in late 2011 was reviewed. A review was also undertaken of developments since that time in Irish Life and the Irish economy, movements in industry peer group valuation multiples and improvements in bond yields, particularly in Ireland. As you would expect I received advice from my officials on the valuation of Irish Life ahead of its acquisition in June 2012. In addition advice was also provided to my Department by Goldman Sachs who have been providing advice since 2011 in relation to Irish Life. This engagement has continued to date but no additional fees over and above those already disclosed have been incurred.