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AIB to repay state close to 4 bln euros ahead of IPO - fin min

Reuters - UK Focus

DUBLIN, Nov 6 (Reuters) - Ireland (Other OTC: IRLD - news) will receive close to 4 billion euros from Allied Irish Banks (EUREX: 558453.EX - news) (AIB) in the near term from income and capital returns ahead of a potential initial public offering (IPO) next year, Finance Minister Michael Noonan said on Friday.

AIB won regulatory approval on Friday to repay 1.7 billion euros ($1.9 billion) of government bailout funds, beginning the process of repaying the 21 billion euros lent to it during the 2008-9 financial crisis.

"When income as well as capital returns are taken into account I am confident that the state is on track to achieve a return approaching 4 billion euros from our investments in the bank in the near term," Noonan said in a statement. (Reporting by Padraic Halpin; Editing by David Holmes)