Published on
Goldman Sachs International appointed as financial advisors for capital restructuring and other related matters in relation to State investment in AIB
· This appointment follows a competition in December involving all of the Lot 1 members of the Department’s financial advisory panel which was established in October following a public procurement process.
The Department of Finance has appointed Goldman Sachs International to provide financial advice to the Department on potential capital restructuring actions and other related matters with respect to the State's investments in AIB. This appointment has been made following a mini tender competition in December involving all of the members of Panel 1 of the Department's financial advisory panels which were constituted following an open procurement procedure in October 2014.
Commenting on the appointment the Minister stated:
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.
Read the full press release here.