Written answers
Tuesday, 22 September 2015
Department of Finance
Bank Guarantee Scheme Administration
Michael McGrath (Cork South Central, Fianna Fail)
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363. To ask the Minister for Finance the amount of money received so far in respect of fees for the 2008 bank guarantee scheme and the eligible liabilities guarantee scheme, proceeds received from the sale of related banking asset; if he will confirm the current value of the various share holdings the State has in respect of banks; and if he will make a statement on the matter. [31569/15]
Michael Noonan (Limerick City, Fine Gael)
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As requested by the Deputy, the tables below provide details of proceeds received from the sale of bank assets to date and the current valuation of our remaining bank assets:
1. Sale of bank assets
| Date | Bank | Transaction | Proceeds including accrued interest/dividend |
|---|---|---|---|
| April 2010 | Bank of Ireland | Cancellation of preference share warrants | €0.49bn |
| December 2010 | AIB | Cancellation of preference share warrants | €0.05bn |
| August 2011 | Bank of Ireland | Sale of equity | €0.24bn |
| December 2011 | Bank of Ireland | Sale of equity | €0.81bn |
| January 2013 | Bank of Ireland | Sale of convertible capital notes | €1.06bn |
| July 2013 | Permanent TSB | Sale of Irish Life | €1.34bn |
| December 2013 | Bank of Ireland | Sale/redemption of preference shares | €2.05bn |
| May 2015 | Permanent TSB | Buy-back of convertible capital notes | €0.44bn |
| May 2015 | Permanent TSB | Sale of equity | €0.10bn |
| Total proceeds from sale of bank assets | €6.58bn |
2. Current valuation of remaining bank assets
| Bank | Valuation | Source of valuation |
|---|---|---|
| AIB Equity/preference shares Cocos | €11.7bn €1.6bn €13.3bn | Most recent ISIF valuation Valued at par |
| BOI - equity | €1.6bn | ISE16th September 2015 |
| PTSBequity | €1.6bn | ISE16th September 2015 |
| Total value of bank assets | €16.5bn |
Finally, I can confirm for the Deputy that the total fees received to date from CIFS and ELG is €4.4 billion.
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