Michael McGrath (Cork South Central, Fianna Fail)
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73. To ask the Minister for Finance if an independent valuation of the State’s holding in AIB has been carried out for the National Pensions Reserve Fund; and if he will make a statement on the matter. [27785/14]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy will be aware the NPRFC undertook an independent valuation exercise for the remaining bank investments in the directed portfolio at the end of December 2013. This valuation included the State's holdings in AIB which were valued at circa. €10bn comprising ordinary shares (€6.5bn) and preference shares (€3.5bn). Separately the Minister holds directly a €1.6bn investment in Contingent Capital Notes. Further information on the valuation will be available in the 2013 NPRFC annual report when it is published.

Michael McGrath (Cork South Central, Fianna Fail)
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74. To ask the Minister for Finance if he will list the occasion on which preference share dividends due to the State from AIB have been paid in the form of ordinary shares; the number of shares issued; the value on each occasion; and if he will make a statement on the matter. [27786/14]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy will be aware, if the annual coupon payment of €280m on the State's Preference Shares in AIB is not made in cash, AIB must make the payment in shares. Since the first coupon was due in 2010, as a result of the bank's need to preserve capital, AIB has paid this annual coupon each year in shares as set out below.

The price at which the shares are issued is calculated based on the average market price for the thirty trading days preceding the 13th of May payment date. Therefore the quantity of shares the State received on each occasion was a function of the coupon due of €280m divided by this formula driven share price. This formula is embedded in the original terms of the Preference Share investment made by the State in 2009 and the bank's Articles of Association which can be found on the bank's website.