Written answers

Thursday, 19 December 2013

Department of Finance

National Pensions Reserve Fund Investments

Photo of Kevin HumphreysKevin Humphreys (Dublin South East, Labour)
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91. To ask the Minister for Finance if the investment of the Irish State in Bank of Ireland preference shares were sourced from the National Pension Reserve Fund; and if he will make a statement on the matter. [54887/13]

Photo of Kevin HumphreysKevin Humphreys (Dublin South East, Labour)
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92. To ask the Minister for Finance if the proceeds from the sale of State-owned Bank of Ireland preference shares will be returned to the National Pension Reserve Fund; and if not, the purpose they will be put to; and if he will make a statement on the matter. [54888/13]

Photo of Michael NoonanMichael Noonan (Minister, Department of Finance; Limerick City, Fine Gael)
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I propose to answer Questions Nos. 91 and 92 together.

The Preference Shares, which date back to early 2009, formed part of the €4.7 billion total investment made by the State in Bank of Ireland. The shares were a directed investment held by the National Pension Reserve Fund.

I can confirm to the Deputy that I have given instructions that the proceeds arising from the Bank of Ireland preference shares transaction should remain with the National Pensions Reserve Fund for the time being. Further consideration will be given as to how best to utilise the proceeds having regard to the NTMA’s debt management plan and the future profile of our cash balances.

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