Michael Ring (Mayo, Fine Gael)
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181. To ask the Minister for Finance the banks and financial institutions which received bailouts following the financial crash of 2010; the level of intervention received by each; the repayment terms agreed by each; the compliance by each of these in the intervening years; the net loss/gain to the State for the transaction and agreement to each of these, in tabular form; and if he will make a statement on the matter. [36529/24]

Jack Chambers (Dublin West, Fianna Fail)
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The total recapitalisation of the domestic banks amounted to €64.1bn, of which €34.7bn was invested in Anglo Irish Bank and INBS which became Irish Bank Resolution Corporation (IBRC) and €29.4bn in AIB, Bank of Ireland and PTSB. To date, €26.1bn of the investment in the three remaining banks has been recovered in cash by way of disposals, investment income and liability guarantee fees.

As part of this activity, the State has fully disposed of its investments in Bank of Ireland and since September 2022 is no longer a shareholder in that bank. The State had invested €4.8bn in Bank of Ireland and recovered €6.8bn from its investments.

The State invested €20.8bn in AIB between 2009 and 2011. The State has made good progress in reducing its shareholding in AIB from 99.8% to 71.1% at the beginning of 2022 to c. 21.85% today while recovering over €5.5bn as part of that process.. Our remaining shareholding in AIB is worth approximately €2.7bn.

The State invested €4bn in PTSB in 2011 to address the recapitalisation needs of the bank. To date, total proceeds of €2.72bn have been generated from disposals, investment income and liability guarantee fees. The market value of our remaining 57.4% equity stake in the bank is currently at c. €0.51bn.

Therefore the remaining investments in AIB and PTSB are currently valued at c. €3.23bn (as at 12/09/2024) meaning the State are just under breakeven (based on current valuations) on its investment in the three banks.

The investment in IBRC is largely a sunk cost with a net €1.1bn recovered to date.

The long-standing policy of this Government is to return the remaining banks to private ownership, while achieving value for the taxpayer. It continues to be this Government’s belief that banking in the main is an activity that should be provided by the private sector and that taxpayer funds which were used to rescue the banks should be recovered and used for more productive purposes.