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Bank Debt Restructuring

Dáil Éireann Debate, Tuesday - 6 November 2012

Tuesday, 6 November 2012

Questions (207, 208, 209, 210, 211, 212)

Pearse Doherty

Question:

207. Deputy Pearse Doherty asked the Minister for Finance further to his announcement on 23 April 2012 that the 17% stake in the National Asset Management Agency, or specifically National Asset Management Agency Investment Limited, owned by what was Irish Life and Permanent in the residue of which, the Minister controls 99.5% of Permanent TSB and 100% of Irish Life was sold; if he will confirm that the party to whom his April 2012 announcement related was the same as the party whom NAMA announced was its new stakeholder in October 2012. [47437/12]

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Pearse Doherty

Question:

208. Deputy Pearse Doherty asked the Minister for Finance to confirm the actual sale price of the 17% stake in the National Asset Management Agency, or specifically National Asset Management Agency Investment Limited, owned by what was Irish Life and Permanent, which had a nominal value of €17m, and whether Irish Life booked any loss in its accounts on the transaction; in addition if Irish Life has retained any exposure on the stake after the sale, including a commitment to buy-back the stake or to guarantee a minimum return to the buyer. [47438/12]

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Pearse Doherty

Question:

209. Deputy Pearse Doherty asked the Minister for Finance further to the announcement of the sale of the 17% stake in the National Asset Management Agency, or specifically National Asset Management Agency Investment Limited, owned by what was Irish Life and Permanent, the sales process undertaken by Irish Life so as to secure the best deal for the taxpayer. [47439/12]

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Pearse Doherty

Question:

210. Deputy Pearse Doherty asked the Minister for Finance further to the announcement of the sale of the 17% stake in the National Asset Management Agency, or specifically National Asset Management Agency Investment Limited, owned by what was Irish Life and Permanent in the residue of which, the Minister controls 99.5% of Permanent TSB and 100% of Irish Life if he will confirm the costs incurred by Irish Life in selling its stake including fees paid to promoters and external providers of legal and other advice. [47440/12]

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Pearse Doherty

Question:

211. Deputy Pearse Doherty asked the Minister for Finance further to the announcement of the sale of the 17% stake in the National Asset Management Agency, or specifically National Asset Management Agency Investment Limited, owned by what was Irish Life and Permanent in the residue of which, the Minister controls 99.5% of Permanent TSB and 100% of Irish Life if he will set-out the terms of the share holding; the entitlement to dividends and the method by which any ultimate value of the stake will be determined when NAMA is wound up. [47441/12]

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Pearse Doherty

Question:

212. Deputy Pearse Doherty asked the Minister for Finance further to the announcement of the sale of the 17% stake in the National Asset Management Agency, or specifically National Asset Management Agency Investment Limited, owned by what was Irish Life and Permanent in the residue of which, the Minister controls 99.5% of Permanent TSB and 100% of Irish Life; the consideration given to acquiring the stake by the Bank of Ireland, in which the Minister controls 15% of the ordinary shares and further controls preference shares recently valued at €1.5bn. [47442/12]

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Written answers

I propose to take Questions Nos. 207 to 212, inclusive, together.

I can confirm that the transaction recently completed was not the transaction referred to in the Dail in April 2012 as a decision was subsequently taken, that Irish Life would engage a financial adviser to perform a wider marketing of the stake to Irish and international investors. Irish Life appointed Davy Corporate Finance to run a competitive sales process which ultimately resulted in a company owned by the Partners of Walbrook Capital acquiring the 17% shareholding in NAMAIL. I am informed by Irish Life that the costs incurred by it in selling its stake in NAMAIL are commercially sensitive.

Irish Life does not now retain any interest in NAMAIL. I am not in a position to disclose the consideration paid by the buyer due to contractual confidentiality restrictions. Details of the terms of the shareholding are outlined on page 140 of NAMA’s Annual Report for 2011.

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