We need to get rid of AIB stake in next three years, says MEP Brian Hayes

The Government has been advised to ease out of the banking sector.

MEP Brian Hayes said he believed the State should sell half its stake in AIB within the next three years.

That's despite a commitment in the programme for Government not to sell more than 25% of the bank before 2019.

Billions of euro of taxpayers money has been invested in AIB since it needed to be bailed out in 2009.

But Brian Hayes (pictured) said it was time for the Government to pull out to create confidence and competition in the banking industry.

He said: "The reason why people on standard variable mortgages and small business are paying more for money here than in other European countries is because we don't have enough competition.

"It seems to me that at one level the Government wants to get the money back on behalf of the taxpayer, but equally it's important that we say to the international community and to the public that we want to get out of the banking sector."