Dáil Éireann Debate, Thursday - 23 February 2017
140. Deputy Michael McGrath asked the Minister for Finance the fees his Department has paid to third parties relating to a possible flotation of a bank (details supplied); and if he will make a statement on the matter. [9340/17]
Amharc ar fhreagraAs the deputy is aware the State has a shareholding of 99.9% in AIB. This shareholding is a very valuable asset to the State and it is the Government's intention that the State will exit this investment in a measured and careful manner.
In recent years to assist us in our work to recover the taxpayers' investment in the bank we appointed a number of advisors namely Goldman Sachs, Rothschild and William Fry and details of the fees paid to these parties are disclosed under the procurement section of the Department's website:
http://www.finance.gov.ie/publications/foi-publication-scheme/procurement/procurement
In addition, in December of last year, following a competitive procurement process, three investment banks were appointed to act as Joint Global Coordinators in a potential selling syndicate, in preparation for a possible AIB IPO. These banks (Deutsche Bank, Bank of America Merrill Lynch and Davy) have been appointed for an 18 month period and are not paid until a successful transaction is completed.
This month my department appointed, following a competitive procurement process, Gordon MRM and London-based Citigate Dewe Rogerson to act as public relations advisers as part of the preparation for a possible IPO. This contract is for an 18-month period.
Finally, the Deputy should be aware that in line with the State agreements with AIB, the State's fees in relation to any transaction are paid by the bank.
