Dáil Éireann Debate, Tuesday - 24 July 2018
386. Deputy Eamon Ryan asked the Minister for Finance if his Department has carried out an assessment of the likely revenue generated from the public sale of State holdings in a bank (details supplied); the figure that has been advised to him; and if he will make a statement on the matter. [35202/18]
View answerFollowing the very successful IPO of AIB last year the State received €3.4bn for the 29% stake it sold. This provides the State with a liquid market for its investment in the bank with the bank's shares now quoted on both the Irish (Euronext Dublin) and London Stock Exchanges. Based on the closing price of €4.80 on the 19th July the value of the State's remaining 71% stake in the bank was approximately €9.2bn.
Given the large size of this shareholding, it is our intention to realise this investment over time through partial disposals and this will be done in a measured fashion so as to maximise the proceeds.
Clearly the primary driver behind any decision to sell would be the bank's valuation however the State can only sell during certain periods of the year (e.g. restrictions apply before financial results are published and sales during holiday periods are not advisable) and I must be satisfied that my Department does not hold any price sensitive information.
In addition as the Deputy will be aware, any further disposals of AIB in 2018 would need to be approved by Government.
