Irish recovery process continues with €1.84B sale of bank stake

|By:, SA News Editor

The Irish government is exiting Bank of Ireland, which it bailed out during the financial crisis, by selling €1.3B of preferred shares to investors and another €537M to the bank.

BOI is offering €580M worth of stock to help finance its purchase of the government's holding.

Overall, the government expects to have recovered €5.9B from its rescue of BOI, representing a handy profit on the €4.8B that was provided.

"This transaction will build further confidence in Ireland’s recovery and will strengthen Ireland's return to normal market funding," said Finance Minister Michael Noonan.