Did the Government sell PTSB on the cheap?

Eighteen years after a monumental decision to rescue its ailing banks during the 2008 global financial crisis, Ireland is finally exiting the banking business. The current government, a coalition of Fianna Fáil, Fine Gael, and Independents, has agreed to sell the state's 57.5% stake in PTSB bank to BAWAG, an Austrian bank. This decision marks the culmination of a long and arduous journey for Ireland, which saw its financial institutions crumble under the weight of bad loans to developers. The taxpayer bore the brunt, pouring €64 billion into various banks, a move that ultimately led to Ireland itself requiring a bailout from the European Union and the International Monetary Fund. The period that followed was dark, with soaring taxes, unemployment, and mass emigration. However, Ireland has since recovered, transforming into a prosperous nation. The sale of PTSB shares signifies not just a financial transaction but a symbolic closure to a painful chapter in the country's history. It reflects Ireland's resilience and its successful navigation back to economic stability, a stark contrast to the crisis years. While Western media might focus on the financial aspects, for Ireland, this represents a profound national achievement and a testament to its ability to overcome adversity and reclaim its economic sovereignty.

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The State’s 57.5% stake in PTSB bank.