Róisín Shortall (Dublin North West, Social Democrats)
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142. To ask the Minister for Finance the third parties engaged as advisers with regard to the potential initial public offering of a bank (details supplied); the date each was appointed; the expected fees for their services; and if he will make a statement on the matter. [22997/17]

Michael Noonan (Limerick City, Fine Gael)
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In December of last year, following a competitive procurement process, three firms were appointed to act as joint global coordinators 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. The syndicate banks have been appointed until July 2018. This provides the State with optionality on the timing of any such transaction through 2017 and 2018. The three global coordinators lead the transaction performing most of the work, while the bookrunners and co-lead manager will help to ensure coverage of the broadest possible range of relevant investors both by type and geography when it comes to the marketing and sales effort.

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 and are capped, while the number of banks appointed is also within precedent and does not affect the overall fee level payable.

Fees will also be payable to our independent financial advisor, Rothschild & Sons, appointed in December 2015 as well as communications advisors Gordon MRM and London-based Citigate Dewe Rogerson, appointed in January 2017. Legal advisors, William Fry, were appointed in February 2015 in relation to matters with respect to the State's investments in AIB. Details of the fees paid to these parties are disclosed on an ongoing basis under the procurement section of the Department's website:

In addition to the above, AIB will also incur its own fees and expenses in relation to the initial public offering, these will include broker, corporate advisory, accounting and legal fees connected with the listing. These fees and expenses are a matter for the board and management of AIB, are borne by the company directly and will be disclosed as part of the Prospectus ahead of any transaction.