Joan Burton (Dublin West, Labour)
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120. To ask the Minister for Finance his plans to sell additional stakes in a bank (details supplied); his further plans to fast-track the sale of the stake; and if he will make a statement on the matter. [31495/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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As the Deputy will be aware, the State last week sold 25% of AIB's ordinary share capital at a price of €4.40 per share for consideration of almost €3 billion. The State also granted an additional over-allotment option over a further 3.75% of AIB's ordinary share capital as part of this transaction. Hence unless some of these shares are bought back in the market by our stabilisation agent in the period post floatation, the State will recoup around €3.4 billion from the IPO. This transaction was strongly supported by a broad range of international institutional investors with all of the top investors being categorised as longer term investors and sovereign wealth funds.

Following the AIB IPO the State's remaining shareholding in the bank is in a 'lock-up' period of 180 days. This is standard market practice. I would therefore expect no further sale of AIB shares in 2017. After this period elapses, officials in my Department will revert to monitoring the performance of the bank, its share price and equity markets more generally to determine the next sensible opportunity to realise value from our investment. It is important to point out that exiting our full investment in AIB in a measured way that maximises proceeds is likely to take a number of years but I am confident that we will recoup all the money that we invested in the bank over time.

Under the Programme for a Partnership Government any future sale of AIB shares contemplated before the end of 2018 would need to be approved by the Government.