Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context

Question 76: To ask the Minister for Finance if his attention has been drawn to any interest among private equity investors in taking a minority shareholding in AIB as outlined recently to the Oireachtas finance committee by the bank chairman, Mr. David Hodginkson; his views on same; and if he will make a statement on the matter. [25507/11]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context

I am aware that AIB has held initial, preliminary meetings with equity investors who have indicated an interest in potentially acquiring a stake in AIB. Following these discussions, I am informed by the bank that they expect investors will require more visibility on the bank's performance, particularly its asset quality, before discussions move beyond the preliminary and exploratory stage. In light of current market conditions the bank's expectations are that this required visibility is only likely to be during the course of 2012 at the earliest.

At present, AIB is undergoing a significant restructuring process and as one of the two pillar banks in the domestic economy it is natural that investors will seek to have preliminary discussions with both the bank and the State in order to better understand the underlying performance and value of the AIB franchise. The recent transaction completed by the State with private investors in Bank of Ireland demonstrates that international money managers remain optimistic over the outlook for the Irish economy. As and when any concrete interest is expressed by external investors in making an investment in AIB it will be carefully evaluated by my staff and the bank to ensure that taxpayers' interests are protected at all times.