As the Deputy will be aware, as part of its recapitalisation commitments, the State invested €4.7bn in Bank of Ireland (BOI). The State has received c.€0.5bn for its warrants which were originally attached to our preference shares, and significant income in the form of coupons and dividends on its investments. In January 2013 the State also successfully disposed of the €1.0 billion Contingent Capital instruments in Bank of Ireland at a profit of €10m. The State’s remaining investment in BOI consists of a 15% equity stake and preference shares with a nominal value of €1.8bn. The most recent valuation of these holdings is contained in the NPRF 2011 Annual Report published on the 19th July 2012 and available on its website. As at the 31st December 2011, the NPRF valuation of its investments in BOI was €1,843m consisting of preference shares of €1,473m and ordinary shares of €370m.
I understand that the value of both of these investments has improved since then as evidenced by the recent strength in BOI’s share price. As of 7th March 2013, the share price was over 14c versus 8c at the end of 2011, putting a value of approx. €660m on our equity holding. A more up to date value on our preference shares will be contained in the NPRF’s 2012 Annual Report.