Written Answers Nos. 56-61
56. Deputy Patrick O'Donovan asked the Minister for Finance the value of capital investment projects and grants under way or approved for funding by his Department, by county, in tabular form; and if he will make a statement on the matter. [39656/15]
View answerThe capital allocation for my Department for 2015 is €1.15 million. Of this figure, €1.13 million is in respect of the refurbishment of buildings in the Merrion Street complex. The balance of €0.02 million is attributable to ICT.
57. Deputy Jim Daly asked the Minister for Finance the amount of revenue contributed to the State under all headings such as the bank guarantee scheme, levies, tax on profits, etc. by the two pillar banks for each of the past seven years; and the cost to the Exchequer, excluding the National Asset Management Agency, associated with the recapitalising and stabilising of the two pillar banks. [39665/15]
View answerAs requested by the Deputy, the following is a summary of the AIB and BOI recapitalisation amounts and associated disposal proceeds, investment income and bank liability guarantee fee income to date. I have also included the most recent valuations of our remaining investments in the banks for the benefit of the Deputy:
|
- |
€ |
|
Gross invested |
€25.4bn |
|
Disposal proceeds including accrued interest |
€3.6bn |
|
Investment income |
€1.7bn |
|
CIFS/ELG |
€3.3bn |
|
Net cash position |
€16.8bn |
|
Most recent valuation of remaining investments* |
€14.8bn |
|
Net position including valuations |
€2.0bn |
*Valuation for AIB equity and preference shares is the most recent independent valuations carried out by the ISIF as at year-end 2014 (€11.7bn). AIB CoCo has been valued at par (€1.6bn).Bank of Ireland equity valuation is per the ISE close, 9th November 2015 (€1.5bn).
In addition to these amounts, the combined contribution from AIB and BOI to the bank levy introduced in Budget 2014 is €98m for each of the three years 2014,2015 and 2016.
Finally, details of Irish Corporation Tax paid by the banks is confidential information held by Revenue which the Department of Finance does not have access to.
58. Deputy Robert Dowds asked the Minister for Finance the names of the barristers who were appointed to each of the State Claims Agency panels; and the fees each of these barristers received in 2014 and in 2015 to date in State Claims Agency claims. [39713/15]
View answerIt has not been possible for the State Claims Agency (SCA) to collate the information requested in the time available. The SCA have informed me that they will need an additional 10 days in order to compile the necessary data. I will write to the Deputy with the information as soon as it is submitted to me.
59. Deputy Robert Dowds asked the Minister for Finance the names of the barristers who are not on the State Claims Agency panels and who have been instructed in State Claims Agency claims since the panels were established; and the fees received by each of these barristers in 2014 and in 2015 to date in State Claims Agency claims. [39714/15]
View answerIt has not been possible for the State Claims Agency (SCA) to collate the information requested in the time available. The SCA have informed me that they will need an additional 10 days in order to compile the necessary data. I will write to the Deputy with the information as soon as it is submitted to me.
60. Deputy Pearse Doherty asked the Minister for Finance the expected returns in dividends or any other form from the State's stake in Allied Irish Banks in 2015 and 2016 and beyond, given the announcement on 6 November 2015 by the bank regarding its capital restructuring. [39718/15]
View answerOn Friday last, 6th November 2015, I welcomed the announcement from AIB that the bank had received approval from its regulator, the SSM (Single Supervisory Mechanism), for a significant reorganisation of its capital structure. The approved reorganisation allows for a redemption of the 2009 Preference Shares, to the value of €1.7 billion for the State, as well as a conversion of the remaining Preferences Shares into ordinary equity. This is a key step in returning capital to the taxpayer, in recognition of the significant investment made in the bank during the financial crisis, while it also regularises the bank's capital structure making it compliant with new regulatory requirements.
In relation to future returns, the State's €3.5 billion of preference shares delivered a cash dividend of €280 m earlier this year and a further payment of accrued dividend will be made on conversion/redemption of the shares in the coming months to reflect the dividend outstanding at that time.
Next year, the Contingent Capital Notes, or "CoCos", which were issued by the State to AIB in July 2011 are due to mature. At this point the State can expect to receive their full value of €1.6 billion, plus a full year of accrued interest amounting to €160 million in cash.
With regard to any future payment of dividends on Ordinary Shares, this is a matter for the Board of AIB and their regulator. However, following the capital reorganisation and with AIB now returned to sustainable profitability, I believe it is reasonable to assume that the bank could begin to start paying a dividend to shareholders at some point next year. I cannot be specific about the exact timing and quantum of any dividends however, given the fiduciary and regulatory obligations involved.
As I have stated previously, any decision in relation to the ultimate sale of the State shareholding in AIB will be a matter for the next Government.
As previously indicated, all capital returned from the State's investments in the Irish banks, will be used to reduce the national debt.
61. Deputy Patrick O'Donovan asked the Minister for Finance if he will consider making amendments (details supplied) to the Finance Bill 2015; and if he will make a statement on the matter. [39721/15]
View answerThe Finance Bill is a Money Bill. Article 22.1° of the Constitution defines a Money Bill as meaning a Bill which contains only provisions dealing with all or any of the following matters, namely, the imposition, repeal, remission, alteration or regulation of taxation; the imposition for the payment of debt or other financial purposes of charges on public moneys or the variation or repeal of any such charges; supply; the appropriation, receipt, custody, issue or audit of accounts of public money; the raising or guarantee of any loan or the repayment thereof; matters subordinate and incidental to these matters or any of them.
It would not appear that the amendments proposed by the Deputy would be appropriate to a Money Bill.
