Finance Minister confirms extension of AIB share trading plan

Trading plan has so far reduced the State's shareholding from 71% to just over 40%

To date, proceeds generated from phase four of the AIB trading plan amount to around €124.7m and the average price per share achieved is €4.23. Picture Denis Minihane.

The Government has announced a further extension of its AIB share trading plan for another seven months, marking its fifth phase as it further reduces its crisis-era stake in the bank.

The plan is set to become operational in the coming weeks and will end by the 23rd of July 2024. 

Finance Minister, Michael McGrath said the plan, which has already seen the State cut its stake in the bank from 71% to 40.8%, has been one of many mechanisms used to reduce its shareholding in AIB since the start of 2022.

To date, proceeds generated from phase four of the AIB trading plan amount to around €124.7m and the average price per share achieved is €4.23. These proceeds will be returned to the Ireland Strategic Investment Fund pending further consideration by the Minister.

In total, €824m has been raised from the AIB trading plan since it became operational in January 2022.

“The AIB trading plan has played an important role in enabling us to gradually reduce our shareholding in the bank since it became operational, especially when opportunities for larger block trades were not available to us,” Mr McGrath said. 

“Therefore, I am happy to announce the renewal of the trading plan into a fifth phase. As before, we will continue to look at other disposal options, should they present themselves.”

The Government added that shares will not be sold below a pre-determined floor price, which the Department of Finance will keep under review.