An interesting statistic has emerged from the Government's Spring Statement documentation - at the end of 2014 the Department of Finance valued its overall investment in the three bailed-out banks at €25.5bn.
That’s just €3.9bn short of the €29.4bn invested by the taxpayer to rescue the banks.
www.budget.gov.ie
The valuation, which was done prior to the positive valuation of Permanent TSB shares announced yesterday, valued the State’s holding in AIB at €13.3bn with the balance comprising equity holdings in Bank of Ireland and Permanent TSB and nearly €5.4bn in accumulated fee and dividend income.
PTSB could return to private ownership and repay €2.7bn to the State by mid-2018 - this comes after the bank's successful raising of €525m through the sale of €400m in shares and €125m through a debt instrument.
At AIB's AGM yesterday, the bank's chairman, Richard Pym said that the bank remains 'deeply conscious' of its debt to the Irish people:
"Irish taxpayers have invested €20.8bn in AIB and we believe the investment will be returned over time, subject to economic conditions and the decisions of the State as a shareholder."
