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Bank of Ireland puts finishing touches on recapitalisation plan

Bank must send plan forward to the Financial Regulator before the end of the year.

Image: Public Domain Photos via Creative Commons

BANK OF IRELAND is pushing to make up €2.2bn in recapitalisation funds required by the end of February and is expected to finalise a fund-raising plan this week, according to the Sunday Times.

The bank, which raised €700m for its capital reserves through a debt swap deal with bond investors last week, aims to raise up to €1.5bn from private investors and the state.

The plan will be submitted to the Financial Regulator before the end of 2010, according to the Times.

€35bn of Ireland’s overall €85bn IMF/EU bailout package has already been earmarked to support Irish banks. The state’s recapitalisation of BOI will make it the bank’s majority shareholder.

Read the story in full on the Sunday Times (requires subscription) >

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