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NTMA's AIB valuation rises by 56%
28 Jul 2014 16:04
The National Treasury Management Agency has significantly increased its valuation on the AIB shares it holds, according to its annual report for 2013.
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The State entity, which invested €20.8bn in the bank as part of the State’s bailout of the sector through the National Pension Reserve Fund, valued its shareholding in the company at €10bn by the end of last year.
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This compares to a valuation of €6.4bn at the end of 2012.
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The NTMA also invested €4.7bn in Bank of Ireland during the bailout but had recouped much of that through a sale of shares by the end of last year.
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The agency said it had received €4.2bn in cash for BoI shares by 31 December 2013, and gave its remaining shareholding a value of €1.1bn.
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In a mid-year update to coincide with the publication of its 2013 Annual Report, the NTMA said that normal market access had been achieved and it had raised €7bn from the bond markets so far this year as a result.
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It said this was just short of its €8bn target, while it had also been successful in auctioning a number of short-term bonds.
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The NTMA also said it had reduced the amount of debt due for maturity in 2016 from €10bn to €8bn, and hoped to reduce this further with the aim of “smoothing the debt maturity profile”.
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The agency noted progress on changes to its structure and functions, including the statutory establishment of the Ireland Strategic Investment Fund, NewERA and the Legal Costs Unit.
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