Dáil Éireann Debate, Tuesday - 13 June 2023
380. Deputy Catherine Murphy asked the Minister for Finance if he will provide a schedule of his and the Central Bank's investment assets and value to the end of Q1 2023; and if he will provide a schedule of disposed investment assets and revenue for same in the past ten years to date. [27953/23]
View answerThe Deputy will find below information on the State's shareholding in the domestic retail banks, the investment assets held by the Ireland Strategic Investment Fund, and the investment assets held by the Central Bank of Ireland, together with information on where more detail on these assets is published.
Shareholding in Domestic Banks
The total recapitalisation of the domestic banks amounted to €64.1bn, of which €34.7bn was invested in Anglo Irish Bank and INBS (IBRC) and €29.4bn in AIB, BOI and PTSB. To date, €21.6bn of the investment in the three remaining banks has been recovered in cash by way of disposals, investment income and liability guarantee fees.
As part of this activity, the State has fully disposed of its investment in BOI. The remaining investments in AIB and PTSB are currently valued at c. €6bn (end Q1 2023 value was €6.26bn) leaving a shortfall of c. €1.4bn. The investment in IBRC is largely a sunk cost with a net €1.1bn recovered to date.
A breakdown of the proceeds from disposals and the income from the State’s investments in the three banks since 2013 is found below (a further €4.6bn was recovered pre-2013):
|
Repaid Capital |
2013 |
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
Total €m |
|
Sale / redemption proceeds |
4,446 |
2,417 |
1,760 |
3,434 |
249 |
1,643 |
270 |
14,219 |
||||
|
Investment income - including dividends |
388 |
200 |
440 |
- |
250 |
249 |
352 |
88 |
91 |
2,058 |
||
|
CIFS/ELG -net |
421 |
155 |
53 |
41 |
8 |
678 |
||||||
|
Total |
5,255 |
355 |
2,910 |
1,801 |
3,692 |
249 |
352 |
- |
249 |
1,731 |
361 |
16,955 |
The long-standing policy of the Government is to return the three remaining banks to private ownership, while achieving value for the taxpayer. It continues to be this Government’s belief that banking in the main is an activity that should be provided by the private sector.
Ireland Strategic Investment Fund
Information relating to the Ireland Strategic Investment Fund (ISIF), including all investment assets, is published annually in the National Treasury Management Agency’s financial statements. I am advised that financial statements for the year ended December 2022 will be published shortly.
ISIF also publishes a half-yearly report and its Asset Allocation as at 30 June 2022* is set out below
|
Asset Allocation |
|
|
Cash & Equivalent |
€1.0BN |
|
Fixed Income |
€1.9BN |
|
Real Assets |
€1.1BN |
|
Absolute Return |
€1.4BN |
|
Equity |
€3.6BN |
|
Total Diversified Portfolio |
€9.0BN |
For the Deputy’s information, the annual and half-yearly reports, which include further detail on the ISIF investment portfolio are available at: www.ntma.ie/publications.
Central Bank of Ireland
The Central Bank provides information on its investment assets on its website (www.centralbank.ie/monetary-policy/management-of-investment-assets). The Bank does not, however, publish a breakdown of individual investments, nor specify each investment which it acquired or disposed of during the year.
* Note: Figures for ISIF are as at 30 June 2022 and are preliminary and unaudited. Figures may not total due to rounding
