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THE STATE HAS gained €500 million through the sale of shares back to AIB, with Finance Minister Jack Chambers calling the purchase ‘a further positive step’ on the way towards bring the bank back to full private ownership.
The transaction sees AIB acquire €500m of its shares from the State by way of an off-market purchase at a final price of €5.445 per share, the Department of Finance said in a statement.
Chambers said the buyback “further normalises the relationship between both parties with the ultimate aim of getting the bank back into full private ownership”.
“It continues to be this Government’s belief that banking in the main is an activity that should be provided by the private sector and that taxpayer funds which were used to support the banking sector should be recovered and put to more productive uses,” he said.
The State’s share in AIB has now come down to 22.04% from 24.88% as a result of the purchase, having been as high as 71% at the start of 2022.
“The price achieved on this transaction represents the highest AIB closing price since February 2018,” Chambers said.
“The proceeds from this transaction will be held within the Irish Strategic Investment Fund while I examine how best to use them for the benefit of the State.”
Taoiseach Simon Harris recently said that he would like to see such proceeds committed to addressing the housing crisis.
The total amount returned to the State from its investment in AIB now stands at around €16.6bn.
“The State remains the largest shareholder in AIB and I will continue to assess additional opportunities for share sales as they arise,” the minister said.
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Might as well gift the £500 million to Rte so that they can pay for all those exit packages and flip flops etc……
@James Leahy: and they can have a bike shed too
@James Leahy: the flip flops were of high quality so we’re the balloons. Dee forbes is still suffering from emotional stress so hopefully the few bob will help towards possible forward mediation and pension,hopefully.
More PR sound bites!!!! There’s already 7 billion in the 2024 budget allocated to housing. There has been loads allocated to it since 2019….. How about ending the austerity taxes were still paying which bailed out the banks. Now they’re making 2 billion profit a year while still charging account fees! The govt and banks have no shame!
@another one? what’s going on is the semi state sec: I know that only BAD news sells clicks, copy and left wing votes but……. “Nama is projected to return at least €4.9 billion to the Exchequer by the end of 2025, according to the Minister for Finance.
So far, the National Asset Management Agency (Nama) has transferred a total of €4.25 billion to the Exchequer, made up of €3.85 billion from its lifetime surplus and more than €400 million in corporation tax payments. Nama has facilitated the delivery of housing at significant scale – 34,000 new homes were funded or enabled by Nama by end-2023.
“Moreover, Nama made a major and long-lasting contribution to the regeneration of Dublin Docklands through the delivery of extensive new commercial and residential space.”
@thomas molloy: up to 2023 is that since NAMA’ s introduction.
All that money is still going to the interest payments on the initial bail out . We still have one of the highest per capita debt ratios if not the highest .
I’m still paying for my sins in the tiger era and didn’t get a bail out.
@thomas molloy: How much did the bailout cost? and how much has been added to it but the way of serving the debt?…… Also, how much extra taxes have we all paid since the crash, that we’re still paying 16 years on?
@thomas molloy: More PR spin!
@thomas molloy: oh Thomas, you forget the carnage caused by Nama, don’t you remember Nama who were accountable to nobody but Michael Noonan together they put every developer out of business foreclosed on their developments (whether performing or not) sold Ireland to the American and Canadian pension houses and private equity vultures for 30 cent in the Euro and not only that but they sold all the developers sites AND all the developers properties to them as well. So they left the irish people with no properties to buy, no sites to develop and no developers to build. That Thomas is exactly how you create a housing crises. On top they sent the construction expertise to the four corners of the planet and can’t get them back now when needed.
Nama was the worst thing ever to be conjured up.
I pay 700 a month in pissing usc because of these mongers. Corruption at it finest the bankers and politicians in cahoots
@Basildon Joe: you must earn over €250000 a year to pay that amount of USC
@6gRrQtLn: nowhere near pal I’m no banker.
@Basildon Joe: well there’s no way in hell you’re paying €700 a month in USC then
@Basildon Joe: are you including your employees in that figure so.
@6gRrQtLn: listen pal don’t you tell me what I pay because I pay a lot. Understood?
@Basildon Joe: surprised you work at all from the amount of time and shite you post on here to be honest
@6gRrQtLn: I don’t know what your problem is Numpty but I suggest you do one.
@Basildon Joe: he’s correct Joe, it’s simple maths. For you to be paying 700 pm usc your annual salary would be in the region of 250,000.
@Gearoid MacEachaidh: He is not correct. It’s around €150,000 using the Deloitte tax calc. You pay €8,503 USC on that salary which works out at 708.58 per month USC….. But that’s with no pension contributions!…. If you pay into a pension you’d be on a higher salary to pay around 700 pm in USC…… But, bottom line, the austerity tax should be long gone by now!
@another one? what’s going on is the semi state sec: nice one pal. That shut those plonkers up.
@Basildon Joe: still, fair play to you in your tasty salary!….. I’d say the hit you take for PAYE is harder to look at in the pay cheque and then to see it wasted on things like bike sheds, 2 mil printers, 7 billion on housing per year which could have been avoided had FG done their jobs in 2011……etc
Imagine if kept at least one of our banks in public ownership to work for the benefit of all irish citizens rater then a few shareholders .
@Robert Halvey: True.
But it should not be AIB.
That crowd has cost us a fortune over the years with their levels of incompetence.
Were still paying for the Insurance Corporation of Ireland debacle.
@Robert Halvey:
If I m not mistaken I think there is one bank in state ownership it’s called the Post Office / or the Credit Union is also owned by the people / members.
But yes Banks in general are not for their customers for sure !
@Peter A Harte: most post offices are ownd by individuals and credit unions are owned by thier members, ffg have since the end of the celtic tiger, lost any inhibitions about ,putting as much of our infrastructure and services under the ownership of a few entitled individuals, as opposed to public ownership ,
@Robert Halvey: An Post is not owned by individuals.. it is owned by the state. They have ‘ retail partners ‘ that run 100s of post offices around the country.. but these people do not own it.
@Brian: read what I said post offices I never mentioned an post
@Robert Halvey: What does that even mean.. ? So someone else,a retail outlet, owns the building that An post partners with to allow them to trade and provide their services .. An Post are government owned. Its not a Post Office unless its licenced to be by them.
@Brian: do you understand how the franchise system works in ireland
@Robert Halvey: Christ lad its very very simple.. They win a contract to trade as a post office.. An Post pays them a sum of money that correlates to the amount of business they each do. An post sets the price for all the services.. e.g. the price of a stamp is the same in every post office around the country. Post Masters do not own the ‘post office’, they may own the building, but not the post office it trades as. They don’t get a dividend of An Posts profits because.. they don’t own it ! the State/we do !
@Peter A Harte: I’m pretty sure that the post offices and credit unions are not stand alone and are run by the big banks.
@marklars81: Correct, An Post is partnered with BOI.. However the Credit Union is stand alone, in so far as it is not partnered nor open to influence in it’s governance by the main comercial banks, but it is covered by deposit guarantee scheme under the Central Bank.
Whatever the government do with the money, you can be sure it will be wasted and no value for money will be achieved.
@Mr “JonnieBoy” Johnson: Theyll give it to BAM as a performance bonus.
The proceeds will be held… for a rainy day.
@KTH: It’s raining today
@Tom L:
That’s exactly my point, but at least the government have a €335,000 bike shed to keep their bicycles dry.
@KTH: yeah, for 18 bikes you really couldn’t make it up. Ffs.
@KTH: it must have sky sports , a sauna, and room for a pony.
And it’ll be wasted
They could have probably made a lot more but gave a deal to AIB.
Should just about cover the cost of the new bike shed.
@Pat Barry: I wonder what the cost per bike is? Can’t imagine many cycle in n out of work!
Remember that us workers pay USC, brought in to pay for the banks.
So, as long that that tax is in place there’s no money back for me.
Still, gotta keep the slacker doleheads in free houses and booze and illegal cigs
@Paul: its UIC now, the United Ireland charge.
@P. V. Aglue: go away and boil your head
Great to see the media give Brian Lenihan the credit for saving the economy after the collapse caused by US banks
And what about the citizens who lost thousands
What happened all those comments on the AfD article?
They were interesting.
And informative.
@Meatball Martin: Or protecting the far-right?
Who were getting a hammering in the comments.
See how that works?
Anyone can make a claim.
But that a media outlet owned by a corporation is “leftie” does not stand scrutiny.
@ItWasLikeThatWhenIGotHere: whatever you say
@ItWasLikeThatWhenIGotHere: Only they weren’t, you had the 4 desciples getting rinsed in the comment, Brendan, Kevin, Sean and yourself where largely ignored as usual
@ItWasLikeThatWhenIGotHere: Basil and meatball sound like the same person. Good comment.
@Freda Peeple: nonsense.
@offside again: Incidentally, to continue the conversation rudely interrupted by The Journal…
You posed a question. Here is my response: (Or was, as I could not post it to the article in question)
Why do Corporation spend so much on advertising?
On marketing?
On product placement?
On product art work?
To convince people that their shampoo is somehow better than a another.
And they believe it works, or they would not spend such vast sums.
The same applies to political groups.
They use money to do all these things.
And just as enough people buy into the idea that Shampoo X is best, enough buy into the idea that Political Group Y is best.
But that takes money.
And the one with the most money has the best chance of swaying the more gullible, particularly the right wing mind, which is not too bright.
That is why the US – in particular – is so messed up. Their billionaires and Corporations are allowed to spend vast sums on their elections. And guess whose interests they have at heart?
But the right-winger is easily fooled.
As PT Barnum almost said: There is a US Republican born every day.
@ItWasLikeThatWhenIGotHere: fair enough and fair play. I’ve often wondered how much whiter teeth can get :-)
@Freda Peeple: Actually, there were more than that, and they were not getting rinsed as you claim. What I saw was one or two multiple account holders pretending to be many… But thanks to you lot, it won’t be long before any form of comment like can only be done by registered commenters.
About time they get rid of the Universal Social Charge.
Don’t forget when they introduce a tax it is extreme hard to get rid of it.
A hundred quid each! How much did the bailout cost us each?
Party round at Simons gaff!
The government can buy luxury tents now for the great unvetted.
Maybe the government will pay the Cahill Family for the MURDER of Martin Cahill
@Eddie: it was the RA who whacked him.
@Basildon Joe: so Sinn Fein then ..
@Ciaran: yeah but they ain’t in power. Which is a shame because of this usc I pay for the banks making billions
@Eddie: Whoever whacked him should get a reward
@Ger Whelan: it’s a big scam ger. I’d vote anyone who abolishes usc.
@Basildon Joe: Doesnt the state outsource everything now?
@Ger Whelan: The Home Tax has to go first.
Without a home, no one has any real security.
There should never be a tax on a persons home.
If you lose you job, or some other misfortune afflicts you, and you have a home, then you have a base from which you can rebuild.
But if anyone can charge you to live in your home then it is not really your home.
Taxes, like the USC, wont apply should a misfortune strike you.
But the home tax is for ever.
So we have to get rid of that first.
Then we can work on the USC.
@Basildon Joe:
Maybe shin Fein should not have voted to bale out the bank then.
I think that their should be a public inquiry into the murder after a retired top garda made a statement saying otherwise
Small money in the overall portfolio
Yes would very much appreciate anything the Government can do to elevate our housing crisis. I would like to see more 2 bedroom houses for my generation who want to downsize but cannot find suitable accomodation…
Hate them words the state made and the state will cover the cost its our money the taxpaying workers
Good good, all good
So pleased that the State is redeeming our pension levies from these ××××er bankers. Maybe now, they will “restore” my self funded pension to 2014 rate, just as they have restored their own state pensions a good while back.
@William Kelly: Pachal Donoghue & Michael Mc Grath ensured their own pension rights as they were clever enough to link them to Secretary of the Dept rates & then they say it’s out of their hands. The money they stole from Private Pensions will never be returned & yet they are going to force everyone into Auto enrollment, where they can dip into in the future. Let’s not forget Paschal & Michael reinstated Bankers bonuses & removed the cap on salaries, no doubt when they leave politics, the Banks will reward them.
@SV3tN8M4: and also allowed the AIB banks to rip off mortgages by topping the ECB rates by .35%, and BoI by 1.35%, both of which caused the pension levies by gung ho lending to land and construction speculators.
Rubbing their hands with glee chanting “more for us”
If they don’t pay us a dividend then their value shouldn’t be based on our money.
Ah jack I doubt they made 500 million all the hidden costs and bailout great headline something similar with bank of ireland but if they held boi shares they’d be sitting on huge profit just like brendan howling selling lottery and all the new buyers made billions our 400 million is long gone know when to hold them and know when to fold them incompetence is a must to get voted in
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