Bank of Ireland returns €2bn above bailout bill as State exits

The final exit from the Bank of Ireland was the result of the Minister drip-feeding the State’s remaining 13.9 per cent stake in the company into the stock market over the past 15 months. This took advantage of a surge in the value of the shares as the imminent exits of Ulster Bank and KBC Bank Ireland from the Irish market reduce competition and as rising interest rates are seen boosting remaining banks’ profits in the coming years.

The announcement comes less than three weeks after Francesca McDonagh stepped down as chief executive after five years to join Credit Suisse as chief operating officer. While shares in Bank of Ireland have surged by about 65 per cent since the Minister signalled in June 2021 that he was selling down the remaining stake, the stock continues to trade at about a 35 per cent discount to what is seen as its intrinsic value — or what is referred to by analysts as its book value.

Meanwhile, taxpayers have so far recovered €2.7 billion out of Permanent TSB’s total €4 billion bailout. They continue to own 75 per cent of the bank.

Right so can they remove the usc tax deduction so

The account fees will rise ever higher now

IrishTimes Good … so can every man, woman and child in the country now have their €400 profit?

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