I propose to take Questions Nos. 263 and 264 together.
As requested by the Deputy the following tables set out the proceeds from the disposal/redemption of bank investments, and income received from bank investments, since 2010.
Table 1: Proceeds from disposal/redemption of investments in the banks:
Year
|
Transaction
|
AIB
|
BOI
|
PTSB
|
Total
|
2010
|
Cancellation of preference share warrants
|
€52m
|
€491m
|
|
|
2011
|
No transactions
|
|
|
|
|
2012
|
No Transactions
|
|
|
|
|
2013
|
Sale of contingent capital notes
|
|
€1,056m
|
|
|
|
Sale/redemption of preference shares
|
|
€2,050m
|
|
|
|
Sale of Irish Life
|
|
|
€1,340m
|
|
2014
|
No transactions
|
|
|
|
|
2015
|
Redemption of preference shares
|
€1,641m
|
|
|
|
|
Redemption of contingent capital notes
|
|
|
€442m
|
|
|
Sale of equity
|
|
|
€97m
|
|
|
Residual amount re sale of Irish Life
|
|
|
€12m
|
|
2016
|
Redemption of contingent capital notes
|
€1,760m
|
-
|
-
|
-
|
Total
|
|
€3,453m
|
€3,597m
|
€1,891m
|
€8,941m
|
Note 1: Disposal/redemption amounts in the Table 1 include accrued interest/dividend at the date of the transaction.
Note 2: The amount of the redemption of the AIB preference shares in 2015 is net of the amount paid to redeem the EBS promissory notes of €225m.
Note 3: In the addition to the transactions above, the State received €1,017m from the sale of shares in BOI to a consortium of North American investors in 2011. This was shortly after the State had exercised its rights to purchase a block of shares at a cost of €1,229m. The net cost of these transaction was €212m for the State.
Table 2: Income received from bank investments:
Year
|
Transaction
|
AIB
|
BOI
|
PTSB
|
Total
|
2010
|
Preference share conversion fee income
|
|
€52m
|
|
|
2011
|
Preference share coupon
|
|
€215m
|
|
|
2012
|
Preference share coupon
|
|
€188m
|
|
|
|
Contingent capital notes
|
€160m
|
€100m
|
€40m
|
|
2013
|
Preference share coupon
|
|
€188m
|
|
|
|
Contingent capital notes
|
€160m
|
|
€40m
|
|
2014
|
Contingent capital notes
|
€160m
|
|
€40m
|
|
2015
|
Preference share coupon
|
€280m
|
|
|
|
|
Contingent capital notes
|
€160m
|
|
|
|
Total
|
|
€920m
|
€743m
|
€120m
|
€1,783m
|
Note 1: Accrued interest received at the date of disposal/redemption is included in Table 1 above, including €160m received when the AIB contingent capital notes redeemed in 2016. The AIB contingent capital instrument was the final debt instrument to be held by the State.