The government has sold some of its shares in Bank of Ireland.

It has told the London Stock Exchange that it sold over 43 million shares in the bank yesterday. The sale is expected to raise around €11.3 million.

The taxpayer now owns 13.95% of the bank, with shares worth €1.25 billion.

The transaction was made on behalf of the National Pensions Reserve Fund Commission. Its percentage of voting rights has now decreased from 14.08% to 13.95%.