Joan Burton
Question:186. Deputy Joan Burton asked the Minister for Finance his plans regarding the proceeds of a proposed dividend from a bank (details supplied); and if he will make a statement on the matter. [13158/17]
View answerTuesday, 21 March 2017
Questions (186)
Written answers
As the Deputy will be aware the Ireland Strategic Investment Fund (ISIF) holds the AIB shares on behalf of the State as part of its Directed portfolio. Dividend payments from the State's shareholding in the banks are therefore made in the first instance to the ISIF.
It is important to note that payments from the ISIF to the Exchequer arising from the proceeds of the disposal of the State's shareholdings in the Banks, including any dividends arising, are provided for under Section 47, (4) of the NTMA (Amendment) Act 2014. This legislation allows the Minister to direct the NTMA to make such payments to the Exchequer in respect of the proceeds of any such disposal or to take other steps as set out in the section in respect of such proceeds.
As I have previously stated it is my position that the proceeds from the sale of the State's shareholdings in Irish banks, including AIB, will be used to reduce the outstanding level of public debt.