Minister for Finance Paschal Donohoe said today he was extending AIB Group’s share trading plan, which was first announced in December.
Since then the Government’s stake in AIB has been reduced from about 71.2% to about 68%.
The plan aims to gradually reduce the State’s investment in the bank, while it is also improving liquidity in the shares.
The share trading plan was due to end no later than July 10 but today’s extension means that the plan will now end no later than January 24, 2023, unless further extended by the Minister.
Proceeds generated from the share trading plan since its launch come to about €161m.
The average price per share achieved so far is €2.32.
The number of shares sold will depend on market conditions, amongst other factors.
“When I announced the launch of the share trading plan last December, I said that the State’s exit from its investment in AIB would be a multi-year journey, so it is important, and I believe it is in the taxpayers’ best interest, to extend the share trading plan for a further period,” Paschal Donohoe said.
“I will continue to keep other monetisation options open, should these opportunities present themselves,” he added.
In line with the Government’s commitment to deliver best value for the taxpayer, the Minister said the shares will not be sold below a pre-determined floor price, which the Department of Finance will keep under review.
The Central Bank yesterday fined AIB and EBS a combined €96.7m for their part in the tracker mortgage controversy, representing the largest fine ever levied by the financial services regulator.
AIB’s chief excecutive Colin Hunt said it was deeply sorry for the distress and the financial losses caused to customers.