In relation to AIB, the recently announced capital reorganisation is expected to generate proceeds via the redemption of preference shares and accrued interest, however these monies are expected to come through in 2015. Next year the Contingent Capital Notes, or "CoCos", will mature and these will generate their full nominal value of €1.6 billion, plus a year's interest of €160 million.
With regards to any payment of dividends on Ordinary Shares from AIB, this is a matter for the Board and their regulator. However, following its capital reorganisation and with the bank back generating substantial profits, I believe it is reasonable to expect that AIB will be in a position to start paying a dividend to its shareholders next year. I cannot be specific about the exact timing and quantum of any dividends however given the fiduciary and regulatory obligations involved.
In relation to Bank of Ireland, the Deputy will be aware that our remaining investment in the bank is our 14% equity stake. Bank of Ireland has not returned to paying dividends. However several market commentators are suggesting that the bank may declare a dividend for the second half of 2016 with payment in 2017.
The third bank in which the State holds an equity stake is PTSB. As with AIB and Bank of Ireland, any future payment of dividends on Ordinary Shares is a matter for the Board of PTSB and their regulator, with due regard to the PTSB restructuring plan commitments. Once PTSB returns to sustainable profitability I believe it is reasonable to assume that the bank could start paying a dividend to shareholders, though I would not anticipate such a dividend in 2016.
As the Deputy will be aware, if the State were to sell some of its shares in any of the banks next year, it would surrender any subsequent dividend income related to those shares.