I can inform the Deputy that in total Permanent TSB received €4 billion of public money since 2008. This is made up of €2.7 billion invested in July 2011 - €2.3 billion invested in ordinary shares and €0.4 billion invested in contingent convertible capital notes - and €1.3 billion for the purchase of Irish Life in June 2012. The fees paid by Permanent TSB since 2008 are shown in the following table:
|
Cash invested by the State
|
-
|
€ million
|
|
Ordinary Shares
|
|
2,300
|
|
Contingent Convertible Capital Notes
|
|
400
|
|
Purchase of Irish Life
|
|
1,300
|
|
Total
|
|
4,000
|
|
Fee Type
|
Note
|
€ million
|
|
Guarantee Fees (both ELG and CIFS)
|
1
|
484.20
|
|
Commissions
|
2
|
46.25
|
|
Interest on Contingent Convertible Capital notes
|
3
|
40.00
|
|
Total
|
|
570.45
|
Notes
1. Fees for the CIFS Scheme (30 September 2008 to 29 September 2010) amounted in total to €50.2 million. Fees for the ELG Scheme (for periods Q1 2010 to Q4 2012 inclusive) amounted in total to €434 million.
2. Commissions of €46.25 million were paid to the Exchequer in relation to the July 2011 recapitalisation. Commission of 1.5% (€6 million) was charged on the investment in the Contingent Convertible Capital notes and commission of 1.75% (€40.25 million) was paid in respect of the ordinary share investment.
3. €40 million of interest was paid to the State in July 2012 in respect of interest on the Contingent Convertible Capital notes. The coupon on the €400 million of Contingent Convertible Capital notes is 10%.
Permanent TSB is invoiced periodically in respect of administration and legal costs associated with implementation of both bank guarantee schemes (the original CIFS Scheme and later ELG Scheme). These fees, amounting to €0.9 million to date, are not included in the table above.
Permanent TSB has also been recharged in respect of financial and legal costs incurred by the NTMA in respect of the recapitalisation. To date €3.4 million has been invoiced by the NTMA to Permanent TSB and these fees are not included in the table above.
The State has not held any Preference Shares in Permanent TSB or warrants to purchase Permanent TSB shares as part of the recapitalisation of the banking sector.
The State owns 100% of Irish Life which will be sold in due course.
