Written answers
Tuesday, 28 February 2017
Department of Finance
State Banking Sector
Michael McGrath (Cork South Central, Fianna Fail)
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263. To ask the Minister for Finance to set down in tabular form the proceeds from the disposal of investments in the State-supported banks, by institution, in each year since 2010; and if he will make a statement on the matter. [10389/17]
Michael McGrath (Cork South Central, Fianna Fail)
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264. To ask the Minister for Finance to set down in tabular form the dividends the State received from investments in the State supported banks, including interest on contingent capital notes, by institution, in each year since 2010; and if he will make a statement on the matter. [10390/17]
Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 263 and 264 together.
As requested by the Deputy the following tables set out the proceeds from the disposal/redemption of bank investments, and income received from bank investments, since 2010.
Table 1: Proceeds from disposal/redemption of investments in the banks:
Year | Transaction | AIB | BOI | PTSB | Total |
---|---|---|---|---|---|
2010 | Cancellation of preference share warrants | €52m | €491m | ||
2011 | No transactions | ||||
2012 | No Transactions | ||||
2013 | Sale of contingent capital notes | €1,056m | |||
Sale/redemption of preference shares | €2,050m | ||||
Sale of Irish Life | €1,340m | ||||
2014 | No transactions | ||||
2015 | Redemption of preference shares | €1,641m | |||
Redemption of contingent capital notes | €442m | ||||
Sale of equity | €97m | ||||
Residual amount re sale of Irish Life | €12m | ||||
2016 | Redemption of contingent capital notes | €1,760m | - | - | - |
Total | €3,453m | €3,597m | €1,891m | €8,941m |
Note 2: The amount of the redemption of the AIB preference shares in 2015 is net of the amount paid to redeem the EBS promissory notes of €225m.
Note 3: In the addition to the transactions above, the State received €1,017m from the sale of shares in BOI to a consortium of North American investors in 2011. This was shortly after the State had exercised its rights to purchase a block of shares at a cost of €1,229m. The net cost of these transaction was €212m for the State.
Table 2: Income received from bank investments:
Year | Transaction | AIB | BOI | PTSB | Total |
---|---|---|---|---|---|
2010 | Preference share conversion fee income | €52m | |||
2011 | Preference share coupon | €215m | |||
2012 | Preference share coupon | €188m | |||
Contingent capital notes | €160m | €100m | €40m | ||
2013 | Preference share coupon | €188m | |||
Contingent capital notes | €160m | €40m | |||
2014 | Contingent capital notes | €160m | €40m | ||
2015 | Preference share coupon | €280m | |||
Contingent capital notes | €160m | ||||
Total | €920m | €743m | €120m | €1,783m |
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