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20/07/2011
Shareholders Address Irish Life Recapitalisation
Irish Life and Permanent shareholders have met this morning to address a recapitalisation plan for the bank.
Shareholders are to consider accepting a government cash injection worth €3.8bn, which would mean the government owning 99%.
Irish Life and Permanent consist of the Permanent TSB bank and Irish Life - a life assurance company.
The bank provided a substantial amount of mortgages during the height of the housing boom.
To cushion against bad loans, the Central Bank now require the company to raise €4bn.
(BMcN)
Shareholders are to consider accepting a government cash injection worth €3.8bn, which would mean the government owning 99%.
Irish Life and Permanent consist of the Permanent TSB bank and Irish Life - a life assurance company.
The bank provided a substantial amount of mortgages during the height of the housing boom.
To cushion against bad loans, the Central Bank now require the company to raise €4bn.
(BMcN)
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Ireland WeatherThis Evening and Tonight:A fine end to the day with some sunshine, then clear spells overnight. Low cloud could form around some Irish Sea coasts later in the night, or a few fog patches in prone spots.. Minimum temperature 9 °C.
