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New plan submitted to refinance Irish banks
Thu, 08 Jan, 2009
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New plan submitted to refinance Irish banks
Thu, 27 Nov 2008, 10:06:00
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Related Market Prices
Name
Value
Percent
Change
Bank of Ireland
0.90p
+1.40%
Allied Irish Banks
1.75p
+2.05%
Anglo Irish Bank Corporation
0.22p
+10.00%
Irish Life and Permanent
1.72p
+6.17%
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A new plan has been submitted to the Irish Government for a recapitalisation of the Irish bank sector involving a combination of state aid and new private investment, it emerged last night.<br /><br />The proposal, put forward by the Association of Investment Managers (IAIM), would see at least ten Irish and foreign institutions provide new capital for six banks and financial institutions.<br /><br />The potential investors believe the process of recapitalising the Irish banks "offers an investment opportunity and returns which are attractive to them and their clients", the IAIM said.<br /><br />The plan is said to involve an injection of more than €2bn into the firms covered by the Irish State guarantee scheme: <b>AIB</b>, <b>Bank of Ireland</b>, <b>Irish Life Permanent</b>, <b>Anglo Irish Bank</b>, <b>the Educational Building Society</b> and <b>Irish Nationwide Building Society</b>. That money would be matched by funds from the Irish government or a government body.<br /><br />"It is proposed that institutions which wish to be involved would co-invest with the State in the raising of new Tier 1 capital [cash reserves set aside by a bank to absorb unforeseen losses] for Irish-listed banks. A number of domestic and overseas institutions have indicated their support for the initiative. Other overseas institutions will be contacted over the coming days," the IAIM added.<br /><br />The IAIM plan follows intense debate about the future of Ireland's banks following an approach to Bank of Ireland from the Mallabraca consortium - which comprises US private equity investors JC Flowers, Carlyle Group and two Middle East funds.<br /><br />Mallabraca's move has run into opposition in Ireland over fears it could lead to heavy job losses. Reports have suggested the consortium wants to merge the bank with Irish Life & Permanent.<br /><br /><br />
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