Hi Gordan
I had a bit of a dig to see if I could put some rough figures around this as a matter of curiosity.
Rounding to the nearest billion, ISIF has a current value of €8bn and the State's shareholdings in BOI and PTSB have a combined value of €2bn. Valuing the State's shareholding in AIB is a bit more subjective but the most recent estimates seem to be around €9bn. So that's €19bn in total.
At the end of 2008, the NPRF had a total value of just over €16bn so it does indeed seem likely that the combined value today of ISIF and the State's shareholdings in the banks exceeds the value of the NPRF at the time of the bailouts.
However, if the bailout hadn't happened and the NPRF remained invested as per its asset allocation at the end of 2008, without any further contributions from the State, then by my calculations the NPRF would have total value today of around €22bn.
Depends how you measure things I suppose!