Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I thank all the Senators for this opportunity to address the House and to give a brief update on the progress made in returning Allied Irish Banks, AIB, to private ownership and the continued normalisation of the State's involvement in the Irish banking system. Yesterday evening, I published an intention to float, ITF, announcement, indicating that the Department of Finance is preparing for the sale of around 25% of the State's shareholding in AIB. This announcement marks the start of an initial public offering, IPO, process which is expected to culminate in the disposal of these shares towards the end of June. I believe that the issuing of an ITF marks a significant milestone in returning our banking sector to a sustainable and normalised environment. Much work has been conducted at EU level to break the link between the State and the banking system and ensure that instances of taxpayer funded bailouts do not reoccur in the future. Exiting our equity investments in the banks is a natural part of this process and will reduce contingency liabilities for the State.