Pearse Doherty (Donegal, Sinn Fein)
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220. To ask the Minister for Finance the fees to date and the anticipated fees paid by a bank (details supplied) to advisers regarding the initial public offerings of the company; the details of the advisers concerned and the fees each one has received; the estimated amount of final fees to be paid; and if he will make a statement on the matter. [19178/17]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy will understand, third party supplier costs and professional service fees incurred by a bank are solely a matter for the management team of that institution, and the detail of specific supplier arrangements would be commercially sensitive information. This is notwithstanding the Relationship Framework Agreement in place between my office and each of the banks in which the State is a shareholder, which in specific circumstances may require my consultation or consent, for a large procurement.

I requested a comment from AIB concerning the deputy’s question and received the following response:

“In response to the Government’s public communications relating to a potential IPO, AIB is preparing for IPO readiness. In line with normal practice and for commercially sensitive reasons, AIB does not publicly disclose the details of contracts with individual external service providers.”

Separately, and for the avoidance of doubt only, my Department as the selling shareholder will incur fees related to a potential IPO of AIB. Fees would be payable to the selling syndicate on the completion of a successful transaction only, and would be proportional to the value of the transaction. In addition, fees are payable to legal and communications advisors, as well as our independent financial advisor. In line with the State agreements with AIB, all fees incurred by the State in relation to any capital transaction will be paid or reimbursed by the bank.