State's Shareholding in Banks

The day-to-day operations of the banks in which the State has a shareholding are not managed directly by the government. They are governed by published Relationship Framework Agreements.

Government policy is not to hold these investments long term and, subject to market conditions, is willing to exit in a manner that generates value for the taxpayer.

The Shareholding and Financial Advisory Division (SFAD) is responsible for:

• monitoring the overall strategic direction of the banks
• developing and executing plans to optimise the value of the State’s investments

Of the €29.4bn invested in the three banks, €29.7bn has been recovered to date. The market value of the State’s remaining equity holdings was €0.9bn (as at Feb 2026).

In September 2022 the Minister for Finance announced that the State had completed the sale of its remaining shareholding in Bank of Ireland, making it the first Irish bank to return to full private ownership. The government recovered almost €6.7 billion in cash from its €4.7 billion investment in and support for Bank of Ireland over the 2009-2011 period.

In June 2025 the Minister for Finance announced that the State had completed the sale of its remaining directed shareholding in AIB. In October 2025 the Minister for Finance announced that the State had completed the final transaction with AIB, the cancellation of the AIB Warrants which were issued to the Minister as part of the AIB IPO in 2017. The government recovered more than €20.2 billion in cash from its investment in and support for AIB.

Following the results of the SSM Comprehensive Assessment in late 2014, PTSB was required to raise new capital.

In May 2015, PTSB completed a capital raise of €402 million equity by way of a Placing to new institutional investors and an Open Offer to existing shareholders along with €125 million Additional Tier 1 debt issuance, in total raising €527 million new capital.

As part of the capital raise, the Minister was requested by the bank to sell shares to enable PTSB meet the free float requirements of the main market listings on the Irish Stock Exchange and London Stock Exchange.

As a result, the Minister sold shares with a value of €97 million through a secondary offering. At the same time, PTSB repurchased the contingent capital notes for which the State received €410.5 million plus accrued interest.

In November 2022, PTSB issued subscription shares to NatWest Group Plc (NatWest) as partial non-cash consideration for its Ulster Bank transaction. As a result, NatWest held 16.66% of the issued share capital of PTSB and the State’s shareholding in the bank reduced from 74.9% to 62.4%.

In June 2023, the State sold a 5% stake in PTSB at a price of €2.025 per share, generating €55.2m for the Exchequer. Following this transaction, the State’s shareholding in PTSB reduced from c.62.4% to c.57.4%.

The Board of PTSB is currently undertaking a Formal Sale Process (“FSP”), which presents the State with the opportunity to exit its last remaining shareholding in an Irish bank after 17 years. The PTSB FSP is conducted by PTSB pursuant to the Irish Takeover Panel Act 1997. The process is overseen by the Takeover Panel and is subject to the Irish Takeover Rules.

Through a combination of fees, dividend income and disposal proceeds the State has to date recovered €2.7bn of the €3.9bn invested in the bank, with the State’s remaining c. 57.4% equity stake valued at €0.9bn at Feb 2026.

For further information see PTSB Investor Relations and the PTSB Group.

PTSB Relationship Framework – April 2015 was also published in April, 2015.