Michael Noonan says he will immediately sell 25% of AIB if returned to Government

The Finance Minister has said if returned to Government he will immediately begin the sale of 25% of AIB.

Michael Noonan's comments come as the bank has today repaid €1.64bn euro to the State.

It is the first tranche of €21bn invested in the bank during the financial crisis - all of which will be recovered by the taxpayer.

Minister Noonan has said the bank has now recovered so well that next year the beginning of re-privatisation can begin: “If the Government is back in office immediately I will press the button to make the arrangements for an IPO of AIB shares,

“We intend, under advice selling 25%, the principal sale will be on the London stock exchange, and even in terms of the London stock exchange I think that will be historically the third biggest IPO.”