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Full Allied Irish reprivatisation may take 15 years - finance ministry

Published 08/06/2016, 13:04
Updated 08/06/2016, 13:10
© Reuters. A gardener mows the grass outside the headquarters of AIB on the day the bank announced it's results, in Dublin
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DUBLIN (Reuters) - It will take Ireland between 8 and 15 years, depending on market conditions, to recoup its full investment in state-owned Allied Irish Banks (I:ALBK), finance ministry officials said in a briefing note published on Wednesday.

Ireland pumped 20.7 billion euros ($23.56 billion) into the country's second largest bank, whose chief executive estimated in December that it would take five to 10 years for the government to sell its entire 99.8 percent shareholding.

© Reuters. A gardener mows the grass outside the headquarters of AIB on the day the bank announced it's results, in Dublin

Dublin has since pushed back an initial 25 percent sale to the first quarter of 2017 at the earliest and the note said that the net shortfall in its investment in the bank, including fees and repayments to date, deteriorated to 4.9 billion euros by May from 2.7 billion euros at the end of 2015.

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