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AIB profit boosts government plans to recoup funds - fin min

Reuters - UK Focus

DUBLIN, March 5 (Reuters) - Allied Irish Banks' (AIB) return to profitability last year puts Irish taxpayers in a strong position to recoup the 21 billion euros ($23 billion) the government invested in the bank, finance minister Michael Noonan said on Thursday.

The rescue of AIB that began in 2009 involved the biggest sum given to any Irish bank still trading and the government hopes to sell up to a 25 percent stake this year or early next.

"AIB is becoming an increasingly valuable asset and today's results put the taxpayer in a strong position to regain the 20.8 billion investment in the bank," Noonan said in a statement after AIB reported 1.1 billion euro profit. ($1 = 0.9057 euros) (Reporting by Padraic Halpin; Editing by David Holmes)