Dáil Éireann Debate, Tuesday - 24 October 2017
67. Deputy Joan Burton asked the Minister for Finance his plans to sell additional stakes in a bank (details supplied); his further plans to fast track the sale; and if he will make a statement on the matter. [44750/17]
View answerAs 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. Following the IPO, the State's remaining shareholding in AIB is in a legal 'lock-up' period of 180 days which will expire in early December. This is standard market practice.
In addition 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.
There are no plans to 'fast-track' the sale of this asset. 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. However as I've said before, 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.
