Dáil Éireann Debate, Wednesday - 5 November 2014
13. Deputy Michael McGrath asked the Minister for Finance the last occasion on which his Department carried out a valuation exercise in respect of Permanent TSB; the way the value of the State’s current holding may best be protected during the capital-raising stage; the impact not having an agreed restructuring plan has had on the bank’s performance in the stress tests; and if he will make a statement on the matter. [41755/14]
Amharc ar fhreagraI have not had a formal valuation carried out as none is required for the Government accounts, though my officials regularly appraise me of the financial and operating performance of Permanent TSB.
In relation to the upcoming capital raising exercise I am of the view that the best way to protect the value of the State's shareholding is to ensure Permanent TSB is well prepared, that it conducts a comprehensive and competitive exercise with appropriate legal and financial advice, and that the State has meaningful oversight and involvement in the process. Officials from my Shareholding Management Unit and our financial advisors, JP Morgan Cazenove, are well placed to fulfil this role and achieve the optimum outcome for the taxpayer as part of this process.
In line with the rules set out for the SSM comprehensive assessment and stress tests, Permanent TSB's performance, and that of some other banks, was negatively impacted as a result of not having a Restructuring Plan approved before 31 December 2013.
