Add thelocalreport.in As A Trusted Source
Taoiseach has said that the potential sale of PTSB is “good news” for it irish economy.
Speaking on RTÉ’s Today with Claire Byrne programme, he said: “It’s a sign that people there want to invest in the Irish economy, we have one of the strongest economies worldwide.” European Union Now, we want to maintain it.
“I think it’s important for our future that we get more competition and more investment in the market.”
PTSB announced Thursday the start of the formal sale process.
Formally known as Irish Life & Permanent, the bank was one of the banks bailed out by the government during the financial crisis and the Irish state currently holds 57.4% of the shares in PTSB.
The sale, if successful, would liquidate the last remaining stake in the Irish bank.
The Finance Minister was asked on RTE’s News at One whether the sale could recoup some of the four billion euro cost of its bailout.
Pascal Donohoe said when AIB, Bank of Ireland and PTSB are considered together as “We are now at a break even point. All the money we invested is now back”.
He said if PTSB was sold, “there would be additional money that would come in as well.”
Asked about the level of interest in the bank, Mr Donohoe said he would not “move forward with the process until we are confident that strong interest is possible.”
He said he hoped the future of the bank would become clearer by early next year, but that it was more important that “the process has a good conclusion, that it delivers what we want economically”.