State further reduces its stake in AIB to 63.5%

28/06/2022 10:01:00

The Minister for Finance said about 5% of the State's shareholding in AIB Group has been successfully sold down.

The sale, which was first announced by Finance Minister Paschal Donohoe yesterday, brings the State's shareholding in AIB to about 63.5% from 68.5%.

The Minister for Finance said about 5% of the State's shareholding in AIB Group has been successfully sold down.

The sale, which was announced by Paschal Donohoe yesterday, brings the State's shareholding in AIB to about 63.Banking The State is to sell a further 5 per cent of its shareholding in AIB, Minster for Finance Paschal Donohoe has announced.Expand AIB chief executive Colin Hunt.Move will reduce State’s holding in lender to 63.

5% from 68.5%.As a result of the placing, the overall size of the State’s shareholding in AIB will be reduced from approximately 68.The AIB shares were sold in a placing to institutional investors.The share sale raised €304.The placing price was €2.5 per cent.28 per share and as a result, the gross proceeds from the sale is €304.The State’s holding in the bank — built up after the lender was rescued in the wake of the 2008 financial crisis — is being drip-fed on to the market.

8m..5 per cent discount to Monday’s closing price.AIB said this sum will be returned by the Ireland Strategic Investment Fund to the Exchequer.Last week, Minister for Finance Paschal Donohoe said he was extending AIB's share trading plan until August..The trading plan had been first announced in December.The placing of a block of shares is in addition to Minister for Finance Paschal Donohoe’s strategy in recent months of drip feeding AIB shares onto the market.AIB Group chief executive Colin Hunt said the bank very much welcomed the decision and subsequent transaction undertaken by the Minister for Finance which has led to a further divestment of the State's shareholding in the bank.5 per cent to 63.

"It is an important development in the process of returning the State’s investment in the Group and a normalisation of the share register," Mr Hunt said."AIB owes the Irish taxpayer an immense debt of gratitude for its support during the financial crisis," he said.AIB is led by chief executive Colin Hunt."We remain focused on our strategy to grow and strengthen the Group to ensure we continue generating sustainable returns for all our shareholders," the CEO added.In a statement, the Minister for Finance has undertaken not to sell further shares in AIB for 90 calendar days following the completion of the placing without prior written consent.Goldman Sachs and Goodbody Stockbrokers were the joint bookrunners for the stake sale.The fine brought to €178 million the amount all lenders have so far been fined for failing to offer a mortgage that tracked the ECB rate that has been at or close to zero for almost a decade.

The Government is also reducing its stake in Bank of Ireland, the country's largest lender by assets, to below 3% through a share trading plan over the last year..

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rtenews State owns two thirds yet.. Doesn't insist pay tax on profits? Allows loans to fund buying residential property to let? Doesn't alter lending criteria to help more people buy? Doesn't give short mortgages to over 50's? Doesn't use ownership for public good! rtenews That’s it, it’s time for the workers to rise up. The banks have taken everything from us, especially the trans workers of colour among us, but no more…

State to sell further 5 per cent of its AIB shareholdingOverall size of the State’s shareholding in AIB will be reduced from 68.5 per cent to 63.5 per cent Can we assume the money made on this sale will be put back in to the depleted pension fund where the money that saved the bank came from, rather than in to Paschals pocket so he can use it for more sweetheart deals?

State’s AIB stake falls to 63.5% after €304.8m share placingThe shares on offer priced at €2.28 each – representing a 6.5 per cent discount to Monday’s closing price.

Donohoe announces sale of additional 5% stake in AIBDonohoe announces sale of additional 5% stake in AIB via IrishTimesBiz Selling off more silverware,

State to sell further 5 per cent of its AIB shareholdingOverall size of the State’s shareholding in AIB will be reduced from 68.5 per cent to 63.5 per cent Can we assume the money made on this sale will be put back in to the depleted pension fund where the money that saved the bank came from, rather than in to Paschals pocket so he can use it for more sweetheart deals?