Interest rate hikes by the European Central Bank had been “positive for Irish banks” and meant the timing was right for the State to sell more of its share in AIB, according to Department of Finance documents.
In submissions to Minister Paschal Donohoe, department officials said investor appetite for AIB had increased “notwithstanding lingering concerns” of a recession coming in Europe.
Officials said there would be an obvious window for a share sale following the release of AIB’s third quarter trading update in late October. Minister Donohoe ultimately gave the go-ahead for the sale of 135 million AIB shares on November 7 at a price of €2.96 and a return of almost €400 million to the Exchequer.
Mr Donohoe wrote: “Very positive to see that value of the shares is €700 million more versus start of year. As below table shows – we hold less of the bank, but our shareholding is now worth more versus December 2021.”
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