Written answers

Wednesday, 11 November 2015

Department of Finance

State Banking Sector

Photo of Jim DalyJim Daly (Cork South West, Fine Gael)
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57. To ask the Minister for Finance the amount of revenue contributed to the State under all headings such as the bank guarantee scheme, levies, tax on profits, etc. by the two pillar banks for each of the past seven years; and the cost to the Exchequer, excluding the National Asset Management Agency, associated with the recapitalising and stabilising of the two pillar banks. [39665/15]

Photo of Michael NoonanMichael Noonan (Minister, Department of Finance; Limerick City, Fine Gael)
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As requested by the Deputy, the following is a summary of the AIB and BOI recapitalisation amounts and associated disposal proceeds, investment income and bank liability guarantee fee income to date. I have also included the most recent valuations of our remaining investments in the banks for the benefit of the Deputy:

Gross invested €25.4bn
Disposal proceedsincluding accrued interest€3.6bn
Investment income €1.7bn
CIFS/ELG €3.3bn
Net cash position €16.8bn
Most recent valuation of remaining investments*€14.8bn
Net position including valuations €2.0bn

*Valuation for AIB equity and preference shares is the most recent independent valuations carried out by the ISIF as at year-end 2014 (€11.7bn). AIB CoCo has been valued at par (€1.6bn).Bank of Ireland equity valuation is per the ISE close, 9th November 2015 (€1.5bn).

In addition to these amounts, the combined contribution from AIB and BOI to the bank levy introduced in Budget 2014 is €98m for each of the three years 2014,2015 and 2016.

Finally, details of Irish Corporation Tax paid by the banks is confidential information held by Revenue which the Department of Finance does not have access to.

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