Joan Burton
Question:163. Deputy Joan Burton asked the Minister for Finance his plans to sell additional stakes in a bank (details supplied); and if he will make a statement on the matter. [38037/17]
View answerMonday, 11 September 2017
Questions (163)
Written answers
As the Deputy will be aware, as part of the IPO process earlier this year the State sold 28.75% of AIB's ordinary share capital at a price of €4.40 per share recouping over €3.4 billion for the State. The offering was strongly supported by a broad range of international institutional investors as well as Irish retail investors.
Following the IPO, the State's remaining shareholding in AIB is in a legal 'lock-up' period of 180 days. This is standard market practice. I therefore expect no further sale of AIB shares in 2017.
Officials in my Department will continue to monitor the performance of the bank, its share price and equity markets more generally to determine the next sensible opportunity to realise value from our investment. It is important to point out that exiting our full investment in AIB in a measured way that will optimise value, will take a number of years, but I believe that in time we will recoup all of the money we invested in the bank.
Under the policy set out in the 'Programme for a Partnership Government', any further sale of AIB shares contemplated before the end of 2018 would need to be approved by the Government.