Bank of Ireland’s share sale extended, state recovers € 249 million


Overview of the Bank of Ireland branch office in Dublin, Ireland, March 1, 2021. (Clodagh Kilcoyne / Reuters)

Dublin — The Irish government on Friday extended the gradual sale of Bank of Ireland’s shares until May 2022, reducing its shares from 13.9% to 9.3% in the past three months to € 249 million (287.79 million). I raised a dollar).

In late June, the government announced its intention to reduce its stake in a trading plan scheduled to end in January. The Ministry of Finance announced on Friday that it sold its shares at an average price of € 4.96.

Bank of Ireland, the country’s largest bank in terms of wealth, closed at € 5.15 on Thursday.

Ireland sent € 64 billion, or almost 40% of its annual economic output, to banks 10 years before the real estate crash. The Bank of Ireland was the only lender to avoid a state-owned majority.

The Bank of Ireland is the first to sell a state-owned stake in the Bank of Ireland since 2017.

If the government maintains its current pace of stock sales, it could completely withdraw from the Bank of Ireland next year. This will be the first fully privately owned Irish bailout bank.

“Given our success so far, we believe it is in the best interests of taxpayers to extend their plans further,” Finance Minister Paschal Donohoe said in a statement.

Citigroup will continue to act on behalf of the state in implementing its equity trading program, the Treasury said.

($ 1 = 0.8652 euros)

Reuters

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