Bank of Ireland and the Irish taxpayer
Between 2009 and 2011 Bank of Ireland received €4.8 billion from the Irish State. This level of support was vitally important during the financial crisis and was gratefully received. However, it should never have been needed. That’s why Bank of Ireland made it a top priority to repay the Irish taxpayer as quickly as possible. To date, the Group has returned c.€6 billion to the State, making it the only Irish bank to have repaid the Irish taxpayer for its extraordinary support.
The Irish Department of Finance has acknowledged that the State has made a net cash return of €1.2 billion to date (May 2020) from its investment in the Group.
On 23 June 2021, the Minister for Finance announced his intention to sell part of the State’s 13.9% shareholding in Bank of Ireland over a number of months. On 3 August 2021, the stock market was notified that the State’s shareholding had reduced to 12.98% marking the start of this process.