The country's Strategic Investment Fund has increased the value on the ordinary shares it owns in AIB by 25%.
It currently owns 99% of the bank.
In an update the fund says its shareholding is worth €11.7 billion.
It has valued its 14% shareholding in Bank of Ireland at €1.5 billion.
Acting Finance Minister Michael Noonan has said he planned to sell 25% of AIB later this year in stock market flotation.