AIB to return €64m to the State as part of its share buyback scheme

Dividend payments means the bank's contribution to the exchequer this year will reach €149m

'A positive step both for AIB and the State and will enable us to recover more money for citizens.' Picture: Gareth Chaney/ Collins Photos

AIB is to return €64m to the State between now and the end of the year as part of a €91m share buyback scheme.

As the bank's largest shareholder at just under 70% the Minister for Finance Paschal Donohoe said he has accepted an offer from AIB to buy back a significant number of shares in the bank.