Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I think the right approach is being taken to make the preparations for a possible sale of a stake in the bank, but there is no rush. The market conditions must be right to maximise the return for the State. We will still retain a majority shareholding in AIB for the foreseeable future, but the bottom line is that we want to get back as much of the €20 billion that was pumped into the bank, and as quickly as possible, but we also want a bank that meets the needs of the economy in terms of lending to SMEs, personal customers and others. I welcome the reduction in interest rates, for example, that AIB introduced for variable rate mortgage holders. In his supplementary response could the Minister widen the issue to include his attitude to the Bank of Ireland in which we still hold 14%? I do not believe we should sell that stake now or for the foreseeable future. Could the Minister also outline his plans for Permanent TSB, PTSB?

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