Pearse Doherty (Donegal South West, Sinn Fein)
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91. To ask the Minister for Finance the market value of his shares in AIB and Bank of Ireland respectively. [31110/13]

Michael Noonan (Limerick City, Fine Gael)
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The Directed Portfolio of the NPRF consists of investments in Allied Irish Banks and Bank of Ireland. Since 2009 the Fund has invested €20.7 billion in preference shares and ordinary shares in the two banks, comprising Bank of Ireland €4.7 billion (where the Fund's shareholding is 15.1 per cent) and Allied Irish Banks €16.0 billion (where the Fund's shareholding is 99.8 per cent). The Fund to date has received a total of €2.2 billion in cash from its Bank of Ireland investment - comprising preference share dividends, the repurchase of warrants by the Bank and the sale of ordinary shares to a consortium of private investors.

The Portfolio was valued at €8.8 billion at 31 March 2013 and pending completion of an independent valuation review, comprised: ordinary shares, provisionally valued at €0.0079 per share (AIB) and €0.154 per share (BOI); and preference shares, provisionally valued at end 2012 valuations of 66% of par (AIB) and 92% of par (BOI).

The final year end valuation will be reflected in the Fund's audited financial statements for 2012 which will be published in July 2013. Separate to the NPRF portfolio, the Minister directly holds €1.6bn of contingent capital instruments in AIB.