Ireland’s government has finalized the sale of its last remaining stake in AIB, bringing the bank back to full private ownership after it was rescued during the financial crisis.

The government’s exit from Ireland’s second-largest lender follows the state’s completed sale of its stake in Bank of Ireland three years prior.

PTSB, the third bank bailed out by taxpayers due to the 2008 financial crisis and property crash, remains 57 per cent publicly owned.

The government intervened to support the banks during the global financial crisis, which followed a period of excessive lending during Ireland’s Celtic Tiger boom.

“AIB profoundly regrets that the institution had to be rescued by the state almost two decades ago and owes an immense debt of gratitude to Irish taxpayers for the support provided during that challenging time,” said AIB’s chief executive Colin Hunt on tuesday.

The finance ministry reported that the sale of its final 2.06 per cent stake in AIB generated €305.3mn. The total amount recovered by the state from its investment in AIB is approximately €19.8bn, slightly less than the €20.8bn initially invested.

the state is approximately €600mn above break-even on its €29.4bn investment in the three banks, the ministry added.

“This is an significant milestone in delivering on the government’s policy of returning the banking sector to private ownership,” said finance minister Paschal Donohoe.