TDs call for ‘transparency’ over fees to AIB advisers

Opposition politicians have called for full “transparency” over the fees Government and AIB will spend on advisers as Finance Minister Michael Noonon confirmed plans to sell 25% of the bank.

Analysts said the sale, which should be completed in the next four weeks, could raise over €3bn after a rise in stock market valuations.

The calls come as the Organisation for Economic Cooperation and Development (OECD) said the fees charged by investment banks in underwriting companies for raising fresh capital are “akin to tacit collusion” and merit review by competition authorities. It said underwriting fees were by far the largest direct cost for any initial public offering (IPO).