Michael McGrath (Cork South Central, Fianna Fail)
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268. To ask the Minister for Finance if he will provide, in tabular form, the proceeds, by institution, from the disposal of investments in the State supported banks in 2013, 2014 and in 2015 to date; how these funds have been deployed; and if he will make a statement on the matter. [19986/15]

Michael Noonan (Limerick City, Fine Gael)
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As requested by the Deputy, details of the disposal of bank investments since 2013 are set out in the following table.

*Sale of equity as part of the capital raise in May 2015, PTSB requested the State to sell some of its equity holding to allow the bank meet the minimum free eligibility for listing  float requirements of the Irish and London stock exchanges. This request was agreed to which resulted in the sale of 21.8 million shares. The State currently retains ownership of c. 75% of the bank's total shares in issue.

All the receipts in the table above, except those arising from the December 2013 sale of BOI preference shares, were, or will be, paid into the Central Fund. They are therefore available along with other sources of tax revenue, non-tax revenue and capital receipts as well as the funds sourced from borrowing, to fund overall Exchequer expenditure. It should be noted the receipt of such funds reduces the Exchequer Borrowing Requirement.

The receipts from the BOI transaction of December 2013, excluding the stamp duty of €15m which was collected by Revenue, were paid into the NPRF as it was the holder of the preference shares in question.  Subsequently, the receipts have been used as follows:

- €1,634m transferred to the Exchequer and used towards the early redemption of IMF loans.

- €240m committed as a loan facility for the SBCI

- €151m invested in the Ireland Strategic Investment Fund

- €10m subscription in shares of the SBCI.