| 17.1°C Dublin

Noonan sees his personal stock market punts tank

Finance Minister Michael Noonan, who is in charge of fixing the economy, has got hosed on the stock markets over the last 12 months as all of his disclosed personal investments have fallen in value.

Mr Noonan, who sold German bonds last April, holds a number of exchange traded funds, according to the latest Register of Members' Interests, which reveals the various shares and properties owned by Oireachtas members.

While he's been dealing with kicking promissory notes down the road, his own private shareholdings have performed rather badly. Mr Noonan holds a SPDR S&P Metals and Mining ETF, which has fallen 36 per cent over the last year. The minister even saw the value of his European punt fall, as an investment in a Lxyor Eurostoxx 50 fund is down more than 11 per cent since April 2011.

His foray into US banking shares is also down, with the SPDR KBW US banks ETF falling more than 8 per cent over the last year. The minister's bet on a UK recovery didn't work last year as his stake in the iShares FTSE 100 ETF was nursing paper losses of more than 4 per cent.

But he isn't the only member of the Oireachtas to take a hit. Many of the TDs elected in the 2011 general election are serial property buyers, owning various houses and lands from Florida to the Baltics and Sardinia. Michael Healy Rae declared an interest in 14 properties in Kerry, ranging from student accommodation to a holiday home and forestry.

Richard Bruton, the Jobs and Enterprise Minister, lists an investment in the fifth Belfry UK property fund. This fund, which is managed by Tony Kilduff's Cheval group, breached its banking covenants last year and suffered a hefty hit to the value of its property assets. Mr Kilduff's firm and the fund's other advisers AIB and BDO waived part of their fees.

Mr Bruton also lists shares in FBD, Kingspan and the former IAWS. He also owned shares in AIB and IL&P, which have been effectively nationalised.

There are few winners among the elected representatives in Leinster House. Roscommon TD Frank Feighan lists shares in Cove Energy in his declaration. Cove, formerly known as Lapp Platts, was utterly transformed from a tiny nickel exploration company into an East African powerhouse over the last two year after it discovered a massive gas field off Tanzania.

The company is now facing a €1bn buyout auction from a number of interested parties and shares have rocketed.

Meanwhile, Luke "Ming" Flanagan declared the anonymous gift of a free hat and scarf for Sligo Rovers.

Sunday Indo Business