Michael McGrath (Cork South Central, Fianna Fail)
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289. To ask the Minister for Finance if he will provide the amount, and a breakdown by institution, of the dated subordinated bonds repaid in full during the period of the Credit Institutions (Financial Support) Act 2008. [18524/15]

Michael Noonan (Limerick City, Fine Gael)
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I have set out in the paragraphs below the information received from the relevant institutions in relation to dated subordinated debt that was repaid during the period of the Credit Institutions (Financial Support) Act 2008 which ran from 30th September 2008 to the 29th September 2010.

AIB

No dated subordinated debt was repaid in full. The only transaction involving dated subordinated debt from 30 September 2008 to 30 September 2010 was an exchange that was transacted in March 2010. This involved the exchange of €2,211m dated subordinated debt. Consideration of €1,768m of replacement dated subordinated debt notes was given. The replacement instruments were carried on AIB's books at a fair value with a premium to the par value, impacting on the capital gain to AIB.

Bank of Ireland

Please refer to the following pages of the Bank of Ireland Group Report and Accounts as available on the Group's website:

-31 March 2009: See note 35 on pages 161, 163

-31 December 2009: See note 9 on page 189 and note 39 on pages 218, 220

-31 December 2010: See note 9 on pa ges 233, 236 and note 41 on pages 265, 267

PTSB

PTSB did not repay any dated subordinated debt between 30th September 2008 and 30th September 2010.

IBRC

The Special Liquidators note that the information requested pre dated their appointment, however from information and records available they have provided the following information: 

Anglo: No dated subordinated debt was repaid in full. Bonds with a nominal value of €388m were redeemed at a price of 55% of par via a liability management exercise.

INBS: No dated subordinated debt was repaid in full.  Bonds with a nominal value of €267m were exchanged for €147m of newly issued dated subordinated notes via a liability management exercise.