Just one tenth of €64bn bank bailout cost recovered by NTMA so far, new figures show

A tenth of the cost of bailing out the banks has been recovered by the National Treasury Management Agency to date, according to figures released today.

So far, €6.4bn has been recovered by the NTMA from the sale of stakes and assets linked to Bank of Ireland and AIB, according to a financial update from the Irish Strategic Investment Fund.

The fund has taken over the Government’s stakes which had been held through the old National Pension Reserve Fund.

According to the latest figures the Government’s more than 99pc stake in AIB was valued at €11.7bn at the end of last year – up by about a quarter from a year earlier. Falls on the stock market since then, however, have since dented that valuation.

The remaining 14pc stake in Bank of Ireland owned by taxpayers was valued at €1.5bn at the end of the year.

Banks had to be bailed out to the tune of €64bn during crisis.

Article Source: http://tinyurl.com/kbwqb42