Written answers
Tuesday, 23 April 2024
Department of Finance
Banking Sector
Pearse Doherty (Donegal, Sinn Fein)
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198. To ask the Minister for Finance for a schedule of the disposal of shares held at a bank (details supplied) by the State, together with the date, transaction value and volume for each disposal, from 2013 to date. [17519/24]
Michael McGrath (Cork South Central, Fianna Fail)
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To January 2024, the State has recovered €6.24bn of our investment in AIB by way of the IPO of AIB in 2017, the ongoing AIB trading plan, the four share sales during 2022 and 2023 and the two share buybacks which together, have reduced our shareholding from 99% to below 39% today.
| DATE | SHARE SALE | NO. SHARES SOLD | AVERAGE PRICE | GROSS PROCEEDS €m |
|---|---|---|---|---|
| June 2017 | IPO | 780.4m | €4.40 | 3,433.7 |
| Jan 2022 – June 2022 | Trading plan phase 1 | 70.9m | €2.32 | 164.8 |
| May 2022 | Buyback | 28.5m | €2.22 | 63.2 |
| June 2022 | ABB | 133.6m | €2.28 | 304.8 |
| June 2022 – Nov 2022 | Trading plan phase 2 | 42.5m | €2.86 | 121.5 |
| Nov 2022 | ABB | 134.0m | €2.96 | 396.6 |
| Jan 2023 – to June 2023 | Trading plan phase 3 | 106.0m | €3.89 | 412.7 |
| April 2023 | Buyback | 54.7m | €3.94 | 215.3 |
| June 2023 | ABB | 132.0m | €3.64 | 480.5 |
| Nov 2023 | ABB | 131.0m | €3.93 | 514.8 |
| Aug 2023 to Jan 2024 | Trading plan phase 4 | 31.3m | €4.22 | 131.9 |
| Total | 2,028.4m | 6,239.8 |
Please note that phase 5 of the AIB trading plan has been operational since January 2024 and details of its proceeds will be available after it is completed in July 2024.
At the beginning of April 2024, I agreed in principle to AIB’s latest share buyback proposal. The transaction, subject to shareholder approval, will see AIB acquire c. €1bn of its shares from the State by way of an off-market purchase. The price the State will receive for these shares is based on a formula that has been disclosed and will be determined in the coming days. It is expected that the buyback will be completed shortly after AIB’s Annual General Meeting on 2nd May 2024. The successful completion of this transaction will see a further c. €1bn returned to the State.
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