Dáil Éireann Debate, Tuesday - 2 May 2017
221. Deputy Pearse Doherty asked the Minister for Finance the number of investors the Government’s advisers have met to discuss the initial public offering of a bank (details supplied); and if he will make a statement on the matter. [19179/17]
Amharc ar fhreagraAs the Deputy is aware, I have not announced any sale of the State’s shares in AIB. I have indicated that an IPO (Initial Public Offering) is the optimal route to recouping value from our investment and that the earliest possible IPO window for the bank is the second quarter of 2017, with the opportunity available over the course of May, June and into July.
In December 2016, following a competitive procurement process, I announced that three firms were appointed to act as joint global co-ordinators to lead a selling syndicate in preparation for a possible AIB IPO. On the 23rd of March this year I further announced the addition of five joint bookrunners and a co-lead manager to the syndicate. The syndicate banks have been appointed until July 2018. This provides the State with optionality on the timing of any such transaction through 2017 and 2018.
The three global coordinators lead the transaction, performing most of the preparation, such as managing engagement between investors and the bank’s senior management team. The bookrunners and co-lead manager will help to ensure coverage of the broadest possible range of relevant investors both by type and geography when it comes to the marketing and sales effort.
I am advised that during March AIB’s management, facilitated by the Global Coordinators, met a significant number of investors as part of what is known as a ‘Non-deal Roadshow’. These meetings were not related to any specific sale of shares or debt, but gave investors the opportunity to get an insight into the bank’s performance and future prospects. The Non-deal Roadshow followed the publication of AIB’s 2016 results and a Capital Markets Day event, you can find link to a presentation deck and webcast video of the Capital Markets Day here: https://aib.ie/investorrelations/capital-markets-day.
My Department also has a policy of regularly meeting with Irish and international investors to discuss a broad range of issues such including our banking sector investments and the economy.
