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Noonan: We'll profit from bank bailouts

Friday, August 01 12:16:38

Minister for Finance, Michael Noonan, today said that today's figures from Bank of Ireland show that the taxpayer can make a profit from the billions it poured in to the banks to save them.

His comments come after Bank of Ireland today reported a pre-tax profit of E399m for the first half of 2014.

He said that, as a 14pc shareholder in Bank of Ireland, this is good news for the Irish taxpayer.

"The investment in Bank of Ireland shows that the State can make a profitable return on investments in the banks. The State invested E4.8 billion in Bank of Ireland in 2009. To date, around E6bn has been returned to the State through sales of investments, interest coupons and guarantee fees. In addition, the State retains a 14pc shareholding in Bank of Ireland that is currently valued at around E1.2bn," minister Noonan said.

"The recovery in the Irish economy is taking hold and further proof of this is evident in the Bank of Ireland half year results. The results show that the Bank is lending into the real economy, reaching sustainable solutions with SME and mortgage customers in arrears, and making a profit," he added.

For more visit: www.businessworld.ie