AIB returns to private ownership after government bailout
Allied Irish Banks (AIB), one of Ireland's two major banks, has returned to full private ownership 15 years after it needed a government bailout.The bank was effectively nationalised in 2010 during the Irish banking and property crisis.On Tuesday, the government said it had sold its final 2% shareholding for just over €300m (£255m).The bank's chief executive, Colin Hunt, said it "owes an immense debt of gratitude to Irish taxpayers".
Hunt added that AIB "profoundly regrets that the institution had to be rescued by the state almost two decades ago".Ireland's banking sector almost collapsed in the 2000s when a property price crash was exacerbated by an international crisis which left the banks unable to find funding on global markets.The Irish government controversially guaranteed the banks' liabilities which later led to huge taxpayer-funded bailouts.In 2021 the Irish government began selling down its then 71% shareholding in AIB.Finance Minister Paschal Donohoe said the completion of that process was "an important milestone in delivering on the government's policy of returning the banking sector to private ownership".Bank of Ireland returned to private ownership three years ago, but the state still has a majority stake in PTSB.Donohoe said the state had made an effective profit of €600m (£511m)on its €29.4bn (£25m) bailouts of AIB, Bank of Ireland and PTSB.However the collapse of two other institutions, Irish Nationwide Building Society and Anglo Irish Bank, cost taxpayers about €35bn (£29.8m)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Finextra
an hour ago
- Finextra
TMX VettaFi acquires ETF Stream
TMX VettaFi, an indexing, digital distribution, analytics and thought leadership company and TMX Group subsidiary, announced today the acquisition of ETF Stream Limited (ETF Stream), a leading media brand for ETFs in Europe. 0 "The acquisition of ETF Stream represents an important step forward in our strategy to expand TMX VettaFi's digital and analytics capabilities in the U.K. and Europe," said Tom Hendrickson, President, TMX VettaFi. "Moving forward, we remain focused on opportunities to build on our offerings and expertise to strengthen our value proposition, and better serve a growing international network of clients and partners.' ETF Stream provides content to industry participants through its website, publications and events. The team of journalists cover the latest news, provide expert analysis and share informed opinions on a range of issues across the ETF ecosystem. ETF Stream also educates investors and advisors through events, guides, features, analysis and data tools. 'We're excited to join the TMX VettaFi family,' added Sam Ridley, Managing Director, ETF Stream. 'The combination of TMX VettaFi's resources and reach, with a shared belief in fostering innovation, will accelerate our ability to deliver value and premium products to our readers, clients and the European ETF industry.' This marks the fifth acquisition by TMX VettaFi in the last few years, following the acquisitions of the Credit Suisse Bond Indices from UBS in February 2025; iNDEX Research in October 2024, an end-to-end index provider across equity and fixed income exposures; the ROBO Global Index Suite in April 2023; and EQM Indexes in September 2023.
Finextra
an hour ago
- Finextra
The Unique Benefits of a SaaS Approach to Market Changes
At EBAday 2025, Andrea Pennacchia, Head of Banking and PA Solutions, Nexi Group joined the FinextraTV studio to give his insights into the most significant changes within the payments industry. As well as defining the importance of prioritising a level of trust with customer that they have become so used to in other industries, Pennacchia provides an update on instant payments regulations and SEPA developments. Across all, he shows how an SaaS approach for banks allows for a greater advantage.
Finextra
an hour ago
- Finextra
Eurosystem launches single collateral management system
The Eurosystem successfully launched its new, unified Eurosystem Collateral Management System (ECMS) on 16 June 2025 after the migration to the new set-up was completed over the weekend of 13-15 June. 0 The ECMS thus becomes the fourth TARGET Service in operation, advancing the Eurosystem's vision for a unified, efficient and innovative European financial framework. The ECMS manages assets used as collateral in Eurosystem credit operations. Together with the other TARGET Services, the ECMS will ensure that cash, securities and collateral can flow freely across Europe. The software and the environment for the new system were delivered by the Deutsche Bundesbank, the Banco de España, the Banque de France and the Banca d'Italia - the four national central banks that act as service providers for TARGET Services (T2, TARGET2-Securities and TIPS). The successful launch of the ECMS reflects the joint efforts and commitment of all euro area central banks in supporting their market participants (counterparties, central securities depositories and triparty agents) throughout this project. Thanks to close cooperation and extensive activities such as testing and migration rehearsals, all parties have ensured that participants can fully leverage the benefits of the new platform from day one. With the ECMS going live, the Eurosystem now offers a single system that harmonises the management of collateral for Eurosystem credit operations. The ECMS replaces the individual national collateral management systems previously operated by the 20 euro area national central banks. Furthermore, the ECMS will facilitate the smooth flow of cash, securities and collateral within the euro area by enhancing the liquidity management features of the TARGET Services.
