Dáil Éireann Debate, Tuesday - 12 October 2021
107. Deputy Ged Nash asked the Minister for Finance if he will give a full report on discussion papers received from his officials on the sale of shares in a bank (details supplied); and if he will report on any meetings he or his Department have had with banks on the matter. [49148/21]
View answerOn the 23rd June, I announced my intention to sell part of the State’s 13.9% shareholding in Bank of Ireland by way of a trading plan. At the same time, I confirmed that I was limited in the amount of detail I could disclose in relation to the plan as it would be detrimental to maximising value for the taxpayer.
This position has not changed in the meantime and, accordingly, details including the number of shares sold, the average price achieved and the cash generated will be disclosed once the plan has been completed.
The Deputy may be aware that each time the State’s shareholding in BOI falls below a full percentage point a market announcement is required in compliance with Stock Exchange and investment regulations. The third such announcement issued on 1st October confirming that the State’s shareholding in the bank is now below 11%.
All I would add at this stage is to assure you that a full analysis of the options open to the State was conducted before I agreed to launch the trading plan. This was conducted by officials with assistance from advisors and I am confident that the approach taken will deliver good value for citizens as we reduce our ownership in the bank.
