Dáil Éireann Debate, Thursday - 25 May 2017
77. Deputy Pearse Doherty asked the Minister for Finance if he will proceed with the sale of shares in a bank (details supplied) despite a vote by Dáil Éireann to place preconditions on the sale; and if he will make a statement on the matter. [25078/17]
View answerI have not yet made any decision to proceed with a sale of shares in AIB. I have consistently stated that any decision to proceed with an IPO of the bank will be based on advice from my officials and advisers, and depend on favourable market conditions which would support our objective of achieving an attractive valuation for the business. As we are well into May at this juncture, I will make a decision whether to proceed or not in the coming weeks.
As I indicated previously, the Programme for a Partnership Government allows for the sale of up to 25% (plus a standard "greenshoe" or over-allotment option) of AIB before the end of 2018. The Labour Party brought a Private Members Motion before the Dail two weeks ago which called for increased capital expenditure, which I spoke on and tabled an amendment to. I was very clear that our desire to exit and de-risk our banking exposure and issues regarding the EU Fiscal Rules, are completely unrelated and should not be conflated.
