PTSB sale good news for the Irish economy – Taoiseach

The Taoiseach has said the potential sale of PTSB is “good news” for the Irish economy.

Speaking on RTE’s Today with Claire Byrne programme he said: “This is an indication that people out there want to invest in the Irish economy, we’re one of the strongest across the European Union now, we want to maintain that.

“I think it is important in terms of our future that we do get a greater degree of competition and greater investment into the market.”

PTSB announced the commencement of a formal sale process on Thursday.

Formally known as Irish Life & Permanent, the bank was one of a number bailed out by the government during the financial crisis and the Irish state currently holds 57.4% of shares in PTSB.

The sale, if successful, would end the last remaining shareholding in an Irish bank.

On RTE’s News At One the Minister for Finance was asked if the sale could recoup some of the four billion euro cost of its bailout.

Paschal Donohoe said when AIB, Bank of Ireland and PTSB are considered together “we’re now at a break even point. The money we put in, we have now recouped”.

He added that if PTSB is sold it “will bring additional money in on top of that.”

Questioned about the level of interest in the bank Mr Donohoe said they “wouldn’t be going ahead with this process unless we believed that strong interest was possible.”

He said he expected the bank’s future will be clearer in the early part of next year, but it was more important “the process has a good conclusion, that it delivers what we want economically”.