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Alamy
The state's stake will go from 45.8% to 40.8%.
AIB disposals
State intends to continue the reduction of its stake in AIB, dropping it to 40%
The state is going to sell 5% of its shares in the bank, finance minister Michael McGrath announced.
THE STATE HAS announced it will sell 5% of its shares in AIB, taking its stake from 45.8% to 40.8%.
An initial 71% holding in AIB was built up after the state rescued the bank, following the 2008 financial crisis. Towards the end of 2021, then-finance minister Paschal Donohoe said most of the shares will be sold over a number of disposals.
Today, finance minister Michael McGrath announced the intention of the state to sell 131 million shares in the bank, worth 5% of its holding.
In June, another 5% disposal led to the state’s stake in the company falling below 50% for the first time since the financial crash in 2008.
As is protocol, the Minister will not arrange for the sale of any further AIB shares for another 90 days.
The state will sell off these shares through “a placing” – the sale of securities to a group of institutional investors, which is expected to raise close to €500 million, based on prices at the time of publishing.
The scheme to sell off these shares was announced in December 2021, with it being extended three times since.
