I propose to take Questions Nos. 89 and 90 together.
In early January, the State was successful in disposing of its entire €1 billion holding of Contingent Capital Notes (CCN’s) in Bank of Ireland. The State’s investment in these instruments dated back to the 2011 PCAR exercise, but unlike the rest of the State’s investment in the bank, they were not part of the NPRF directed investment portfolio, as the Minister funded this investment directly.
The transaction settled on Tuesday the 15th of January and the State was paid proceeds of just over €1,056 million, comprising principal of €1,000 million, interest accrued of over €46 million covering the period 29th July 2012 to date of sale, and a profit of €10 million. As we used the proceeds of this sale to reduce the State’s indebtedness, it reduced the critically important debt/GDP ratio by 0.6 per cent.