Friday 18 October 2019

Government to sell off 25pc share in AIB, Michael Noonan confirms

AIB’s headquarters in Dublin
AIB’s headquarters in Dublin

Gretchen Friemann

Minister for Finance, Michael Noonan, launched the €3bn initial public offering of Allied Irish Bank this evening in a move that returns the lender to stock exchange almost seven years after it was nationalised.

The much anticipated move enables the government to sell 25pc of its stake in the bank.

Minister for Finance Michael Noonan and AIB CEO Bernard Byrne
Minister for Finance Michael Noonan and AIB CEO Bernard Byrne

In a statement Mr Noonan said: “The Government’s long-held policy is that the State should exit its banking investments in a measured and prudent manner, returning ownership to the private sector over time.

He claimed the "strong progress made by AIB and current market conditions mean that now is the right time to commence this process and proceed with an initial sale of approximately 25% of the State’s shareholding in AIB, as provided for in the Programme for a Partnership Government.

"Today’s decision is a significant step in the continued normalisation of the State’s involvement in Ireland’s banking system and reaffirms the Government’s commitment to recovering its investment in AIB for the benefit of the Irish people.”

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