Thomas P. Broughan
Ceist:57. Deputy Thomas P. Broughan asked the Minister for Finance his plans for banks (details supplied) in 2017; and if he will make a statement on the matter. [9540/17]
Amharc ar fhreagraTuesday, 28 February 2017
Ceisteanna (57)
Freagraí scríofa
The position of the Government in relation to the State's shareholdings in the banking sector is very clear. These were investments the State had to make during the banking crisis, and it is the Government's intention that the State will exit these investments in a measured and careful manner which ultimately recovers the maximum amount of money for the Irish taxpayer.
In relation to AIB, I have previously indicated that an IPO is the optimal route to recouping value from our investment with the earliest possible IPO window being the second quarter of 2017. Indeed officials in my Department along with our independent financial adviser, Rothschild, have done considerable preparatory work in this regard. In December of last year, following a competitive procurement process, three firms were appointed to act as joint global co-ordinators to lead a selling syndicate in preparation for a possible IPO. These firms have been appointed for an 18 month period and additional firms will be appointed to fill out the syndicate at an appropriate future date. The appointment of these firms as advisers does not signal any intention or obligation for us to proceed with a transaction, which will be subject to a number of factors, including favourable market conditions. AIB is due to publish its 2016 financial results on Thursday 2 March 2017 and we will assess the market reaction.
In relation to PTSB, officials in my Department continue to keep potential disposal strategies in relation to that investment under review. However, clearly AIB remains our immediate priority given its size.