Thursday, 16 December 2021
Department of Finance
148. To ask the Minister for Finance if he will provide an update on his plans to reduce the State’s shareholding in a bank (details supplied); the sale price and revenue raised to Exchequer from each reduction in the State’s shareholding in the bank since June 2021; the consultancy fees paid to date to a brokerage organisation for facilitating the sale of the State’s shareholding in the bank; and if he will make a statement on the matter. [62148/21]
The Deputy is aware that my Department issued a press release on the 5thof November 2021 which provided an update on progress in relation to the Bank of Ireland share trading plan.
As of the date of the press release, proceeds generated from the share trading plan since its launch amount to c. €249m. The Government has now recovered almost €6.2bn in cash from its €4.7bn investment in and support for Bank of Ireland over the 2009-2011 period.
The press release stated that shares have been sold through the share trading plan at an average price of €4.96 and the State’s directed shareholding in the bank had reduced from 13.9% to 9.3%.
Updates on the State's Bank of Ireland shareholding have been disclosed to the market each time the shareholding falls through a percentage point threshold as is required by the Stock Exchange and investment regulations. I can confirm the latest announcement in this regard was made on 18th November 2021 when the State's shareholding fell below 9%.
I cannot disclose any further details in relation to the plan at this point as it would be detrimental to maximising value from our shares, although I would add that the brokerage fees involved are extremely small in the context of the alternative disposal options that were available and the value generated for citizens.