Michael McGrath (Cork South Central, Fianna Fail)
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78. To ask the Minister for Finance the way the proceeds from the various sales by the State of its investment in Bank of Ireland has been invested or spent to date; if the proceeds will be available for investment by the Ireland Strategic Investment Fund; and if he will make a statement on the matter. [47688/14]

Michael Noonan (Limerick City, Fine Gael)
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Since 2009, the Minister for Finance has directed the NPRF Commission to invest €4.7bn in Bank of Ireland. Since the first investment was made, €4.2 billion of dividends and sale proceeds has been received from these investments; €1.3bn of the proceeds has been transferred to the NPRF Discretionary Portfolio (and will be available for investment by the Ireland Strategic Investment Fund when that fund is constituted), €1.0bn has been remitted to the exchequer and the remaining €1.9bn is held in cash in the NPRF Directed Portfolio. Of this latter sum, €10million has been directed for investment as equity in the Strategic Banking Corporation of Ireland (SBCI) with a further €240 million earmarked as a loan facility to the SBCI. These investments and disposals were made under direction from the Minister for Finance.

 In relation to proceeds that remain under the direction of the Minister of Finance, the National Treasury Management Agency (Amendment) Act 2014, when fully commenced, will permit the Minister for Finance to direct that such proceeds be fully or partly paid to the Exchequer or invested in Irish Government securities, or held pending payment to the Exchequer or investment in Irish Government securities.