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12/01/2015
Goldman Sachs Appointed To AIB
Goldman Sachs International has been appointed as the financial advisor for capital restructuring in relation to State investment in AIB, the Department of Finance has said.
The appointment was made following a mini tender competition in December that involved all members of Panel 1 of the Department's financial advisory panels.
The Department says it expects to recoup all €21bn invested in the bank.
Finance Minister Michael Noonan said: "Given the significant progress made by AIB in 2014 and the expectations for 2015 my officials are engaged in discussions with the bank's management team to explore how best to reconfigure the bank's capital structure to make it fit for purpose and agree a roadmap that will see the bank begin to return cash to the State.
"While no decisions have been taken regarding a reduction of the State's ownership in the bank at this time, the delivery of a work programme around capital structure during 2015 is an essential prerequisite for any future decisions in that regard.
"Given the significant size of our AIB investments and the range of options available to us to recoup value, my officials and their financial adviser are focused on ensuring that the optimum decisions are made regarding potential capital restructuring options and sequencing in order to maximise the ultimate return from these investments to the State over time."
(IT/CD)
The appointment was made following a mini tender competition in December that involved all members of Panel 1 of the Department's financial advisory panels.
The Department says it expects to recoup all €21bn invested in the bank.
Finance Minister Michael Noonan said: "Given the significant progress made by AIB in 2014 and the expectations for 2015 my officials are engaged in discussions with the bank's management team to explore how best to reconfigure the bank's capital structure to make it fit for purpose and agree a roadmap that will see the bank begin to return cash to the State.
"While no decisions have been taken regarding a reduction of the State's ownership in the bank at this time, the delivery of a work programme around capital structure during 2015 is an essential prerequisite for any future decisions in that regard.
"Given the significant size of our AIB investments and the range of options available to us to recoup value, my officials and their financial adviser are focused on ensuring that the optimum decisions are made regarding potential capital restructuring options and sequencing in order to maximise the ultimate return from these investments to the State over time."
(IT/CD)
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