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On Wednesday, December 4th, the Minister announced the successful exit by the State from its €1.837 billion of Preference Shares held in Bank of Ireland.

The State has received 100% of par value on €537 million of the securities which the bank was entitled to redeem through the issuance of new equity and secured a price of 104.75% of par on the remaining €1.3 billion of preference shares which were sold to investors following a book build exercise by a consortium of banks.

The successful exit sees the State recoup circa €2.05 billion from this investment. The settlement completed on December 11th.