Bank of Ireland have reported a profit before tax of €327m in the first half of 2014 .
The state own 14% of Bank of Ireland – which at today’s share value is worth €1.2 Billion .
Finance Minister Michael Noonan commented –
“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.
As a 14% 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 €4.8 billion in Bank of Ireland in 2009. To date, c€6bn has been returned to the State through sales of investments, interest coupons and guarantee fees. In addition, the State retains a 14% shareholding in Bank of Ireland that is currently valued at c€1.2bn.”
See the type of profits the Irish banks used to make here : Profits of Irish Banks