Pearse Doherty (Donegal South West, Sinn Fein)
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76. To ask the Minister for Finance if he will provide details of all persons and companies he or his officials have met, or are planning to meet, regarding the sale of shares of Allied Irish Banks and Permanent TSB; and if he will make a statement on the matter. [12494/15]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy is aware, as part of our broader efforts to encourage investment in Ireland in the wake of the financial crisis, stakeholders across the Irish system, including the banks, NAMA, IBRC, the IDA, the NTMA as well as my officials and myself, meet with parties interested in investing in Ireland. This has included meetings with representatives of investment funds and private equity firms who may be interested in investing in Irish banks.

One key function of these meetings includes obtaining general market feedback and feedback on our banking investments directly from potential investors so we are better informed when making decisions concerning our banking investments.

The Deputy may be aware that Permanent TSB announced on 11 March 2015 its intention to raise €525 million of capital from private investors.  The capital raising process will require the issuance of new equity and debt by Permanent TSB, taking advice from Deutsche Bank and Davy.  In this regard, Permanent TSB has met in excess of 60 potential investors and will meet with many more potential investors before the capital raise process is completed.

For Permanent TSB, I am of the view that the best way to protect the value of the State's investment is to ensure the bank is well prepared, that it conducts a comprehensive and competitive exercise to raise the capital with appropriate legal and financial advice, and that the State has meaningful oversight and involvement in the process. Officials from my Shareholding Management Unit and our financial advisers, JP Morgan Cazenove, are well placed to fulfil this role.  Due to the commercially sensitive nature of the capital raise process being undertaken by Permanent TSB it is not appropriate, at this time, to divulge the names of institutions in discussions with Permanent TSB who have also had meetings with me or my officials.  

With regards to AIB, given the scale of the State's investment some €20.8 billion and the range of options available to recoup value from the bank, officials within my department are working with AIB on reconfiguring its capital structure. As we announced previously Goldman Sachs International has been appointed to provide financial advice to the Department in this regard.  My officials and occasionally myself meet with investment banks/stockbrokers and investment funds/private equity investors who are, or may in the future be, interested in AIB either as a potential adviser to us or as an investor.  There have been no meetings specifically regarding the sale of any AIB shares and any meetings have been of a general nature regarding the wider economy and the banking sector.