Bank of Ireland confirms its to repay taxpayers

Bank of Ireland has started the process of repaying the State bailout of the bank.
The financial institution will return the final 1.8 billion euro of the 4.8 billion that the government invested in 2009 through the issuing of new shares and the raising of cash through investors.
The deal means the taxpayer has made a profit of 900 million euro.
The State will continue to have a 15 percent stake in the bank.
Our Business Editor Ian Guider says it is good news for the government:
“The money the Department of Finance is going to receive from this is probably going to  go down to reduce the national debt” he said.
“It is a good deal for the State – we are getting money back from a bank”.
“We put 64 billion into the banks; the money gone into Anglo Irish Bank has gone into a black hole, the money invested into AIB – 24 billion – very little of that is coming back, the money put into PTSB (We’re probably not going to see a penny of it” he added.