Michael Healy-Rae (Kerry, Independent)
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229. To ask the Minister for Finance about the provision of assistance to individuals (details supplied); and if he will make a statement on the matter. [42419/24]

Jack Chambers (Dublin West, Fianna Fail)
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I wish to highlight, as Minister for Finance, I am precluded from intervening in commercial and operational decisions in any particular bank, even one in which the State has a shareholding. Decisions in this regard are the sole responsibility of the board and management of the banks, which must be run on an independent and commercial basis. This independence is protected by a Relationship Framework which is a legally binding document that cannot be changed unilaterally. This framework, which is publicly available, was insisted upon by the European Commission to protect competition in the Irish market.

On 9 September 2024 AIB launched an Odd-lot Offer pursuant to which shareholders holding fewer than 20 ordinary shares each in AIB Group plc were offered the opportunity to sell their shares at a 5% premium to the market price without incurring any stockbroking fees or commission. The Odd-lot Offer opened on 9 September 2024 and closed on 7 October 2024.

AIB undertook this course of action in response to feedback from shareholders who had asked the bank to look into a mechanism of this type. Smaller shareholders were unable to realise value for their shares on the market on account of share dealing costs. AIB recognised that this was an issue for smaller shareholders and estates of deceased shareholders.

Shareholders gave approval at the 2024 AGM for AIB to put the mechanism in place to permit an Odd-lot Offer and authorised the Board of AIB to launch an Odd-lot Offer at any time over the following 18 months. Having received the required regulatory approval from the European Central Bank, the Board of AIB then decided to proceed with an Odd-lot Offer.

AIB bought back shares from eligible shareholders at €5.65 per share, which represented a 5% premium to the volume weighted average price of AIB’s shares traded on Euronext Dublin over the five trading days immediately preceding the launch date of the Odd-lot Offer (9 September 2024).

It is important to note that each eligible shareholder who wished to retain their shareholding in AIB had the option to opt out of the Odd-lot Offer prior to its conclusion.