Dáil Éireann Debate, Thursday - 5 December 2013
80. Deputy Michael McGrath asked the Minister for Finance the implications for the State's investment in Bank of Ireland of the recently completed asset quality review; and if he will make a statement on the matter. [52427/13]
View answer81. Deputy Michael McGrath asked the Minister for Finance the implications for the State's investment in AIB of the recently completed asset quality review; and if he will make a statement on the matter. [52428/13]
View answerI propose to take Questions Nos. 80 and 81 together.
Following the announcements by both AIB and Bank of Ireland this week that they require no further capital following the completion of the asset quality review there has been a neutral market reaction. As of lunchtime on 4 December 2013 the Bank of Ireland share price is little different from where it was trading last week and the pricing of both banks debt instruments remain little changed. As the Deputy will be aware, I announced yesterday a transaction that will see the State exit its preference shares in Bank of Ireland for proceeds in excess of €2 billion, which included a profit of €62 million for the taxpayer. This leaves the State with just an equity investment in the bank which is worth €1.2 billion based on the current share price.
