A detailed submission, dated in June, indicated to Minister for Finance Paschal Donohoe that the State should consider selling off about a €300m stake in the bank, which represented about 5% of the business. File photograph: The Irish TimesMinister for Finance Paschal Donohoe was warned that a hefty fine for AIB over tracker mortgages could represent a “negative surprise” as the State prepared to sell a significant stake in the bank.
A submission for Mr Donohoe stated there were already half a dozen institutions that had indicated a firm interest in investing about €50 million each in the bank. The submission also warned that there may be “obstacles to navigate” through June as it was the end of AIB’s financial half-year. In relation to the November plan, it explained: “Just before launch, we learned that the likely discount [on the share price] was going to end up higher than we expected.”
IrishTimes The only thing they fret about is their bonus 🙄