Written answers
Thursday, 5 December 2013
Department of Finance
Banks Recapitalisation
Michael McGrath (Cork South Central, Fianna Fail)
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77. To ask the Minister for Finance if he will set out in tabular form the capital investments made by the State to Bank of Ireland in each year since 2009; the repayments of capital made to date in respect of these investment; and if he will make a statement on the matter. [52424/13]
Michael Noonan (Limerick City, Fine Gael)
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Following my announcement yesterday of the successful sale of the Bank of Ireland Preference shares, please see below the table setting out the up to date net position.
Net Notional Cash Position of the State from Investment in and support provided to BOI.
| €m | Notes | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | Total |
|---|---|---|---|---|---|---|---|---|
| Cash paid by State | ||||||||
| Preference Shares | (a) | -3,500 | -3,500 | |||||
| Ordinary Shares (net) | (b) | -261 | -261 | |||||
| Contingent Capital | (c) | -1,000 | -1,000 | |||||
| Sub Total | -3,500 | -1,261 | -4,761 | |||||
| Cash received by State | ||||||||
| Warrants purchased | (d) | 491 | 491 | |||||
| Recapitalisation fees | 30 | 52 | 65 | 147 | ||||
| 2009 Preference Shares Coupons & Redemption | (e)(f) | 215 | 188 | 2,238 | 2,641 | |||
| 2011 Continent Capital Instrument Coupons & Redemption | (e) | 100 | 1,056 | 1,156 | ||||
| Net Cash Position excluding CIFS/ELG | -3,470 | 543 | -981 | 288 | 3,294 | -326 | ||
| Eligible Guarantee Fees CIFS & ELG | (g) | 32 | 139 | 343 | 449 | 328 | 176 | 1,467 |
| Total | 32 | -3,331 | 886 | -532 | 616 | 3470 | 1,141 |
(a)€3500 million Preference Shares invested in March 2009. €1663 million Preference Shares converted to Ordinary Shares in the May 2010 Capital Raise.(c)Contingent Capital Investment during 2011 Capital Raise.
(b)Excludes a small €4 million incremental participation in the 2011 Recapitalisation by the NPRF non-directed portfolio.
(d)Warrants attaching to the 2009 Preference Shares purchased for cash by BOI through private capital raised during the 2010 Capital Raise.(g)2013 Eligible Guarantee Fees are the fees paid up to 31/10/2013.
(e)2009 Preference Share Coupons and 2011 Contingent Capital Coupons are those paid in the period, for 2013 includes those up to settlement date.
(f)Excludes €250 million paid in shares in February 2010 as a consequence of EU imposed “Dividend Stopper”, subsequently lifted.
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