Noonan: BoI deal 'good for taxpayers'

The Finance Minister Michael Noonan has said a deal, which will see private investors put more than a billion euro into Bank of Ireland, is good news for the taxpayer.

It was announced this morning that agreement had been reached between the Government and the group of investors, meaning the bank will avoid full State ownership.

When the move is completed, at least 68% of the bank will be under private sector ownership.

The identity of the investors is still unknown, but Minister Noonan has said all could be revealed by Friday.

He has rejected any suggestion that the Government should have taken a majority stake in Bank of Ireland in the short term, before getting a better deal in a couple of years.