The Minister for Finance has confirmed that any stock market flotation of AIB is unlikely to take place until late spring or early summer 2016.

Speaking at the publication of the National Treasury Management Agency's Annual Report for 2014, Michael Noonan said there was probably only one window of opportunity to seek a stock market flotation for AIB this year, which would be in November, after the budget.

But he said he did not want the flotation to be influenced by the political calendar of a forthcoming election, so the likely date would be in 2016.

Mr Noonan also said Permanent TSB was making progress under very good management, but was not ready for flotation.