Éamon Ó Cuív
Question:195 Deputy Éamon Ó Cuív asked the Minister for Finance the percentage State ownership of AIB; and if he will make a statement on the matter. [19028/12]
View answerWednesday, 18 April 2012
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Written answers
The State, through the National Pension Reserve Fund Commission (NPRFC), now owns 99.8% of the ordinary shares of Allied Irish Banks. As the Deputy will be aware, Relationship Frameworks were published for each of the covered banks at the end of March, 2012. These frameworks ensure that their core businesses will be run on a commercial, cost effective and independent basis designed to ensure the value of the banks as an asset to the State, as per the per the Memorandum on Economic and Financial Policies agreed with the EU Commission, the ECB and the IMF.
AIB, following its combination with EBS, is considered to be one of two universal pillar banks in the Irish financial system. It is envisaged that the State's interest in the Bank will be divested as market conditions permit in a manner which protects and enhances value for the Exchequer, in so far as possible, in relation to the investment made by the State.