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Ireland can still turn a profit on banking investments - minister

DUBLIN, June 23 (Reuters) - Ireland’s finance minister said it is still possible that the state could make a profit through the sale of its holdings in local banks that are still trading but it will depend on how long a period it is prepared to wait to offload the stakes.

Paschal Donohoe’s predecessor, Michael Noonan, predicted in 2017 that the government would recoup more than the 29.4 billion euros it used to rescue in Bank of Ireland, Allied Irish Banks and permanent tsb.

Donohoe announced on Wednesday that he will begin to sell down part of the state’s 13.9% shareholding in Bank of Ireland over the next six months. Ireland pumped 64 billion euros into its banks a decade ago, with more than half of that swallowed up by lenders that subsequently failed. (Reporting by Padraic Halpin; Editing by Toby Chopra)

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