The State’s National Pension Reserve Fund has completed the sale of a 35 per cent stake in Bank of Ireland to the group of North American investors who saved the bank from Government control.

The group of investors led by Canadian firm Fairfax Financial Holdings and including New York buyout firm WL Ross, LA-based The Capital Group, Boston-based Fidelity Investments and the Californian company Kennedy Wilson acquired a further 8.1 billion shares in the bank yesterday.