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National Pensions Reserve Fund Administration

Dáil Éireann Debate, Tuesday - 20 November 2012

Tuesday, 20 November 2012

Questions (195)

Pearse Doherty

Question:

195. Deputy Pearse Doherty asked the Minister for Finance further to Parliamentary Questions Nos. 314 and 315 of 18 September 2012, if any more recent valuation of the National Pension Reserve Fund's interest in Allied Irish Banks and Bank of Ireland has been undertaken since the Goodbody valuation of the interests at an overall total of circa €8 billion at 31 December 2011, in view of the results of both banks for the six months to 30 June 2012, if a more recent valuation has been undertaken and, if so, if he will provide the results of that valuation. [51140/12]

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Written answers

I am informed by the National Treasury Management Agency (NTMA), as Manager of the National Pensions Reserve Fund (NPRF), that no valuation of the shareholdings in Allied Irish Banks and preference share holdings in Bank of Ireland held by the National Pensions Reserve Fund in Allied Irish Banks and Bank of Ireland has been undertaken since the Goodbody valuation as at 31 December 2011, which was finalised in May 2012. The shareholdings are valued at fair value in accordance with the accounting policies adopted by the Fund. The NTMA is currently in the process of engaging an independent valuation adviser to provide an independent fair value of the NPRF's shareholdings in Allied Irish Banks and of its preference shareholdings in Bank of Ireland. This valuation forms part of the preparation of the Financial Statements and Annual Report for the Fund for the year ended 31 December 2012 and is expected to be completed in early 2013.

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