By Sabela Ojea
The Irish government said Friday that it has extended Bank of Ireland Group PLC's share trading plan by more than four months as it further reduces its stake in the bank to return it to private ownership.
Ireland's Minister for Finance Paschal Donohoe said proceeds generated from the share trading plan have reached 249 million euros ($287.8 million). The plan, which was due to end no later than Jan. 7, 2022, will now end no later than May 20, 2022, Mr. Donohoe said.
Shares have been sold through the plan at an average price of EUR4.96 and the state's directed shareholding in the bank has been reduced to 9.3% from 13.9%, it said.
The government has now recovered around EUR6.2 billion in cash from its EUR4.7 billion investment in the lender from 2009 to 2011, it said.
"When I announced the launch of the share trading plan in June, I highlighted the benefits of gradually disposing of the State's investment in Bank of Ireland using this approach. Given its success to date, I believe it is in the best interest of the taxpayer to extend the plan for a further period," Mr. Donohoe said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix