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Government completes exit from Bank of Ireland

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The government has completely divested its stake in Bank of Ireland, which it acquired during the banking crisis more than a decade ago.

The Bank of Ireland is the only bank from which the state has recovered the bailout. Treasury Secretary Paschal Donohoe announced on Friday that he was exiting his Bank of Ireland-managed stake.

The direct involvement of the state has now been reduced to zero.

“This is an important milestone in the implementation of the government’s policy to bring the banking sector back to private ownership,” he said.

The proceeds from the trading plan, which was used to sell the last shares, amount to approximately 841 million euros. In total, taxpayers have received almost €6.7 billion in cash back from the €4.7 billion Bank of Ireland bailout, including proceeds from the sale of shares and interest on bailout loans.

Secretary Donohoe said the risks associated with banking should fall on the private sector.

“It follows that taxpayer money used to bail out Ireland’s banks should be reclaimed and used for more productive purposes. The phasing out of the government’s investment in Bank of Ireland into an emerging market has successfully achieved that goal for our citizens,” he said.

The Treasury was advised on the stock trading plan by bankers at Rothschild and lawyers at William Fry.

https://www.independent.ie/business/irish/government-completes-bank-of-ireland-exit-42011695.html Government completes exit from Bank of Ireland

Fry Electronics Team

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