Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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215. To ask the Minister for Finance the amount groups (details supplied) will each be paid for assistance in the flotation of a bank; when and the way the tenders were advertised for these contracts; and the details of any meetings he had with these groups or representatives of these groups in the past year. [16665/17]

Michael Noonan (Limerick City, Fine Gael)
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In December 2016, I announced that three firms were appointed to act as joint global co-ordinators to lead a selling syndicate in preparation for a possible AIB IPO. On the 23rd of March this year I further announced the addition of five joint bookrunners and a co-lead manager to the syndicate. These syndicate banks have been appointed until July 2018.

The syndicate was appointed following two separate competitive mini-competitions involving the members of Lot 3 of the Department s Capital Markets Distribution panel. My Department appointed Rothschild as Independent Financial Advisor in December 2015, this appointment was made on foot of a tender competition launched in late November 2015, involving all of the members of Lot 1 of the Department's financial advisory panel.

Our Financial Advisory panels were constituted following an open procurement procedure in 2014. Further information on our Financial Advisory procurement panels can be found here: www.finance.gov.ie/news-centre/press-releases/advisory-panels-financial-matters

Earlier this year, my Department appointed, following a competitive procurement process in line with European standards and advertised on the e-Tender platform, Gordon MRM and London-based Citigate Dewe Rogerson consortium to act as public relations advisers as part of the preparation for a possible IPO. This contract is for an 18-month period.

The Deputy should be aware that in line with the State agreements with AIB, that all fees incurred by the State in relation to any capital transaction will be paid by the bank.

Fees are only payable to the syndicate on the completion of a successful transaction, and are proportional to the value of the transaction. As such it is not possible to provide the exact quantum of fees that would be paid as no transaction has occurred. The fees that have been negotiated by my officials are very competitive by reference to comparable transactions. The number of syndicate banks appointed is also within precedent and does not affect the overall fee level payable.

In addition to the syndicate banks, fees will be payable to legal and communications advisors, as well as our independent financial advisor. As described, these fees will be recoupable from AIB. Details of the fees paid to these parties are disclosed under the procurement section of the Department's website:www.finance.gov.ie/publications/foi-publication-scheme/procurement/procurement

I met with representatives of the three global coordinator banks (Deutsche Bank, Bank of America Merrill Lynch and Davy) on the 9th of January this year, following their appointment to the syndicate. Representatives of Rothschild, our independent financial advisor, and Department officials also attended this meeting.

During the last year I have separately met with representatives of JP Morgan (24/01/2017) and Deutsche Bank (10/11/2016 & 05/09/2016).