AIB buys back €500m worth of shares from State

Chief executive of AIB Colin Hunt said this repurchase brings payments to the State to €3bn so far this year

Government's share of the bank down to 22%.

AIB has announced a further €500m share buyback from the State, which will see the Government’s ownership of the bank reduced down to 22%.

The off-market purchase of nearly 92 million shares from Finance Minister Jack Chambers was agreed at a price of €5.445 per share — the closing price of trading on Monday last week. The purchased shares represent about 3.8% of the bank’s issued share capital.