Dáil Éireann Debate, Wednesday - 24 October 2012
50. Deputy Gerry Adams asked the Minister for Finance if he will provide in tabular form a year by year breakdown of the cost of the bank bailout since 2008 as well as a breakdown of the percentage share holding the state currently has in each of the banks. [46640/12]
Amharc ar fhreagraThe bank recapitalisation commitments made by the State to date are set out in the following table:
|
€bn |
AIB/EBS |
BoI |
IL&P |
IBRC (Anglo/INBS) |
Total |
|
Government preference Shares (2009) - NPRF |
3.5 |
3.5* |
- |
- |
7.0 |
|
Capital contributions (with Promissory Notes as consideration) /Special Investment Shares (2010) – Exchequer ** |
0.9 |
- |
- |
30.7 |
31.6 |
|
Ordinary Share Capital (2009) – Exchequer |
- |
- |
- |
4.0 |
4.0 |
|
Ordinary Share Capital (2010) - NPRF |
3.7 |
- |
- |
- |
3.7 |
|
Total pre-PCAR 2011 (A) |
8.1 |
3.5 |
0 |
34.7 |
46.3 |
|
PCAR 2011: |
AIB/EBS |
BoI |
IL&P |
Anglo/INBS |
Total |
|
Capital from Exchequer*** |
3.9 |
- |
4.0 |
- |
7.8 |
|
NPRF Capital |
8.8 |
1.2 |
- |
- |
10.0 |
|
Total PCAR (B) |
12.7 |
1.2 |
4.0 |
- |
17.8 |
|
Total Cost of Recap for State (A) + (B) |
20.7 |
4.7 |
4.0 |
34.7 |
64.1 |
* €1.7bn of BoI’s government preference shares were converted to equity in May/June 2010 (€1.8bn still left in existence). The government also received €0.5bn from the warrants relating to BoI’s preference shares (excluded from table above). In addition the State received €1.1bn stock coupons from BoI and AIB relating to the Government Preference shares.
** The IBRC amount is made up of a total capital contribution for Anglo / INBS of €30.6bn and a special investment share of €0.1bn (INBS). The Anglo / INBS capital contribution impacted in full on the GGB in 2010. The consideration for the Anglo / INBS capital contribution was €30.6bn of promissory notes. These Promissory Notes are an amount due from the State to IBRC. Each year, on 31 March, €3.06bn is paid by the Exchequer to Anglo / INBS as part of the scheduled repayments of the promissory notes. The first such repayment was made on 31 March 2010.
*** The Exchequer cost of the 2011 BoI recap is shown net of share sale to private investors (Completed in October, 2011)
This recapitalisation table split year by year is:
|
Year |
Anglo |
INBS |
AIB/EBS |
BOI |
ILP* |
Total |
|
2008 |
||||||
|
2009 |
4.0 |
0 |
3.5 |
3.5 |
0 |
11.0 |
|
2010 |
25.3 |
5.4 |
4.6 |
0 |
0 |
35.3 |
|
2011 |
0 |
0 |
12.7 |
1.2 |
2.7 |
16.5 |
|
2012 |
0 |
0 |
0 |
0 |
1.3 |
1.3 |
|
29.3 |
5.4 |
20.7 |
4.7 |
4.0 |
64.1 |
As the Deputy will be aware, the banks were required to raise a total of €24bn as a result of the Central Bank’s 2011 Prudential Capital Assessment Review (PCAR). However, primarily as a result of successful private equity contributions, asset sales and burden sharing with bondholders the Government only had to inject €16.5bn into the relevant institutions. In addition, the State acquired Irish Life for €1.3bn to complete the recapitalisation of Irish Life & Permanent. It is expected that the proceeds of an onward sale of Irish Life in due course will reduce the amount the State has committed to the bank recapitalisation.
The percentage share holding the state currently has in each of the banks is as follows:
|
Bank |
State shareholding |
|
AIB |
99.8% |
|
BOI |
15.1% |
|
IBRC |
100% |
|
PTSB |
99.2% |
