Sinn Féin spokesperson on Finance Pearse Doherty TD has described the decision by the Minister for Finance to reduce the State’s shareholding in AIB as the wrong one.

Speaking this morning, the Donegal TD said that the State should not dilute its stake in AIB but “maintain a majority shareholding in the bank over the long-term”.

Teachta Doherty said:

“The decision by the Minister to sell 15 percent of the total trading volume of shares in AIB over the next six months is the wrong one.

“The State’s shareholding in AIB should not be diluted but instead maintained with the taxpayer’s investment recouped through the payment of dividends, fees and levies.

“By retaining its majority shareholding in AIB, the State can and should ensure that the bank operates in the interests of its customers and wider society, as the Relationship Framework requires.

“The decision made by the Minister today is premature, especially as the Retail Banking Review announced by his Department has yet to even begin.”