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AIB cash to cut debt

MONEY raised from selling off the State's shares in AIB will be used to cut the national debt, Michael Noonan (right) has said.

Speaking in Brussels at a meeting of European finance ministers, he said while it is not known when the bailed out banks will be sold, it has already been decided that cash raised will be used to reduce the debt. The minister said he is "totally pragmatic" about whether bank shares are sold to Europe under a deal to unpick the bailout, or sold to private investors.