11.1 Assets derecognised by the NPRF

From 22 December 2014, the NPRF Commission consists of a single commissioner (the Chief Executive of the Agency) who is required by the NTMA Act 2014 to do everything that is reasonably practicable to give effect to the legal transfer of any remaining assets governed by foreign law. The transfer of foreign assets must be done in conjunction with the relevant counterparty. This process is largely complete and a small number of foreign assets had not legally transferred from NPRF to the Fund as at 31 December 2017. The assets of the NPRF were previously derecognised by the NPRF Commission and are recognised and presented in the Discretionary Portfolio within the Fund’s financial statements, in line with financial reporting standards.

A breakdown of the assets remaining in legal ownership of the NPRF as at 31 December 2017 reflected in the financial statements of the Fund is listed below:

11.2 Transfers to the Exchequer/Minister

During the year, the proceeds from the AIB IPO of €3.434bn was transferred to the Exchequer from the Directed Portfolio as directed by the Minister for Finance.

In February 2017, the outstanding €25m loan from the Fund to the SBCI was converted to ordinary share capital of the SBCI under the direction of the Minister for Finance. This share capital is held directly by the Minister for Finance and not by the Fund.

11.3 Transfers from the Exchequer

There were no transfers from the Exchequer to the Fund during the year.

11.4 Transfers between Discretionary and Directed Portfolios

A dividend payment of €250m the Fund received from AIB on the 9th May 2017 was transferred from the Directed Portfolio to the Discretionary Portfolio on receipt, in accordance with the applicable Ministerial direction that cash proceeds from the AIB directed investment shall form part of the Discretionary Portfolio.

< NOTE 10

NOTE 12 >