Written answers

Thursday, 21 July 2016

Department of Finance

Bank Guarantee Scheme Fees

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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107. To ask the Minister for Finance the amount of money received to date in respect of fees for the 2008 bank guarantee scheme and the eligible liabilities guarantee scheme, proceeds received from the sale of banking-related assets; 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. [23864/16]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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As requested by the Deputy, I can confirm that the following amounts have been received to date from fees relating to deposit guarantee schemes and the disposal of the State s investments in the banks:

- CIFS/ELG - €4.45bn

- Disposal of bank investments -€8.22bn

Proceeds from the disposal of bank investments includes accrued interest/dividend at the date of sale, and is net of €0.23bn from the part-redemption of the AIB preference shares used to settle the remaining balance of the EBS promissory notes.

In addition to these amounts, €1.73bn income has been received to date in the form of coupons on the various bank investments.

The most recent independent valuations of the State s remaining investments in the banks are as follows:

BankMost recent valuation

Source of valuation

AIB



Equity

CoCos
€12.2bn



€1.6bn
ISIF, 31 December 2015



At par
BOI



Equity
€0.84bnISE close, 18th July
PTSB



Equity


€0.67bn
ISE close, 18th July
Total€15.31bn
The most recent valuation for AIB was completed by the ISIF for the NTMA accounts to 31 December 2015 and does not include the impact of factors which, since the start of 2016, have significantly reduced the valuation of European-wide bank stocks. Although AIB is quoted on the ISE, this is not regarded as a reliable indicator of valuation given the very small free float.  The AIB CoCos are due for repayment on 28 July when the State will receive total proceeds of €1.76bn including accrued interest of €160m.

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