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Sunday, November 28, 2021

Government extends timeline for selling stake in Bank of Ireland, with proceeds currently amounting to €249 million

The Government will be extending its timeline for selling its stake in Bank of Ireland to May of next year. To date, proceeds from the sale of shares have amounted to approximately €249 million.

With the Government’s stake falling below 10% last week, Finance Minister Paschal Donohoe stated that “the benefits of gradually disposing of the State’s investment in Bank of Ireland using this approach” were highlighted upon announcing the share trading plan.

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Between the years 2009 to 2011, Bank of Ireland received a €4.7 billion bailout with the Government now recovering €6.2 billion, which makes it the only Irish lender to date to repay its aid bill.

Via the share trading plan, shares have been sold on average at €4.96 with the State’s direct shareholding falling from 13.9% to 9.3%.

Donohoe initially announced that the selling of the shares was due to end no later than January 7th next year but will now be extended to the 20th of May next year, unless a further extension is implemented.

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In relation to the extension, Donohoe added, “Given its success to date, I believe it is in the best interest of the taxpayer to extend the plan for a further period”.

With Citigroup continuing to act on behalf of the Finance Minister, they will also continue to target that up to 15% of the total trading volume in the company is sold during the duration of the share trading plan.

IMAGE – Paschal Donohoe

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