By Ian Walker

The Irish government has exited from its shareholding in Bank of Ireland Group PLC, recovering almost 6.7 billion euros ($6.59 billion) in cash from its investment.

Minister for Finance Paschal Donohoe said that the share-trading plan announced in June last year is now completed and that the state no longer owns any shares in the lender.

The shares were sold at an average price of EUR6.17 a share, up from an average of EUR5.64 in the second phase of the trading plan and EUR4.96 in phase one.

The government spent EUR4.7 billion in the bank between 2009 and 2011 in investment and support.

"This is a milestone moment for Bank of Ireland as we move conclusively beyond the financial crisis, and is a very important step towards full normalization of our relationship with the state," BoI Interim Chairman Gavin Kelly said.

"Bank of Ireland should never have needed support from the taxpayer. We will always be grateful for the help we received," he added.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

September 23, 2022 06:39 ET (10:39 GMT)