Poll: Should Ireland sell more of its bank shares this year?
MEP Brian Hayes says the government would generate €1 billion if it sold its stake in Bank of Ireland.
THE GOVERNMENT SHOULD sell its stake in Bank of Ireland before the year is out.
So says MEP Brian Hayes, who suggested that the government dispose of its 14% stake in the bank to kick-start a new ‘rainy day fund’ in 2019.
Hayes estimated that the sale would generate €1 billion for the public purse and start to “build up our savings”.
The current programme for government only allows for a 25% sell-off in any bank before the end of 2018, however the Department of Finance recently offloaded 25% of its shares in AIB, raising €3.4 billion in the process.
Hayes argued that Bank of Ireland’s recent share price recovery meant there was the chance to ”get a good return” from a further float.
However, Finance Minister Paschal Donohoe has said there is no plan at the moment to sell any of the state’s shares in either Bank of Ireland or Permanent TSB, which is 75% owned by the government.
According to a report in the Irish Times, the minister also ruled out any further sales of its AIB shares this year. The state still owns more than 70% of the bank through the Ireland Strategic Investment Fund.
With that in mind, we’re asking Fora readers this week: Should Ireland sell more of its bank shares this year?
