Michael Noonan (Limerick City, Fine Gael)
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The value of the State's remaining investments in AIB, Bank of Ireland and Permanent tsb is as follows:

Bank	Investment	Valuation	Ownership	Source
Allied Irish Banks	Equity	€6.5bn	99.8%	NPRF (end 2013)
	Preference Shares	€3.5bn		NPRF (end 2013)
	Contingent capital (CoCo)	€1.6bn		Par redemption value
Bank of Ireland	Equity	c€1.3bn	c14%	Irish Stock Exchange - closing price 12th November 2014
Permanent tsb	Contingent capital (CoCo)	€0.4bn	99.24%	Par redemption value

The value shown for Bank of Ireland reflects the most recent share price, whereas the value shown for AIB reflects the NPRF's most recent valuation of their investments which dates back to end December 2013. Given the positive performance of Bank of Ireland shares in the year to date and the strong financial results of AIB itself, I am confident that the valuation or our stake in AIB has risen since the year end.

In addition to the CoCo in Permanent , the State also invested €2.3bn in the bank's equity in July 2011. The State holds this investment at the investment value in the Finance Accounts. No recent independent valuation has been commissioned, nor is such an independent valuation required for the Finance Accounts. However, if an equity capital raise occurs the State will take advice from my officials and third party advisors in relation to valuation and structure. The size of the capital raise and the valuation have not yet been determined.