DUBLIN, July 30 (Reuters) - A stronger-than-expected return to profit by state-owned Allied Irish Banks (AIB) is very good news for the recovery of the 20 billion euros ($26.80 billion) used to bail it out, Ireland’s finance minister said on Wednesday.
“A profitable bank is a more valuable bank, which will, over time allow the state to maximise the return on its investment,” Michael Noonan said in a statement after AIB reported a first-half profit of 437 million euros.
“The Government will continue to examine all opportunities to ensure a favourable outcome for the taxpayer. But we will be prudent to ensure the taxpayer yields the full benefit of this return to profitability.”
$1 = 0.7463 Euros Reporting by Padraic Halpin; editing by Jason Neely