Dáil Éireann Debate, Tuesday - 9 November 2021
160. Deputy Ged Nash asked the Minister for Finance the status of the sale of a portion of the State’s shareholding in a bank (details supplied); the brokerage costs of the sale to date; if he plans to reconsider plans to divest the State of its remaining shareholding in the bank in view of the recent profits posted by the institution; and if he will make a statement on the matter. [54315/21]
View answerThe Deputy may be aware that my Department issued a press release last Friday, 5th November which provided an update on progress in relation to the Bank of Ireland share trading plan.
Proceeds generated from the share trading plan since its launch amount to c. €249m. The Government has now recovered almost €6.2bn in cash from its €4.7bn investment in and support for Bank of Ireland over the 2009-2011 period.
Shares have been sold through the share trading plan at an average price of €4.96 and the State’s directed shareholding in the bank has been reduced from 13.9% to 9.3%.
As part of this release, I confirmed my intention to renew the plan for a further period in light of its success to date. I believe that this is in the best interest of the taxpayer.
