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Court grants order for Irish Life business to be sold

The High Court grants an order to the Minister for Finance directing Irish Life & Permanent to sell its life assurance business.

IL&P chairman Alan Cook: the High Court has granted an order paving the way for the sale of the Irish Life assurance business.
IL&P chairman Alan Cook: the High Court has granted an order paving the way for the sale of the Irish Life assurance business.
Image: Laura Hutton/Photocall Ireland

THE HIGH COURT has granted an order to the Minister for Finance clearing the way for Irish Life & Permanent to sell off its life assurance business, Irish Life.

The Board of the institution, which had not required State recapitalisation before the last batch of stress tests in March, had requested that the Minister seek the order under the terms of the Credit Institutions Act 2010.

Michael Noonan had therefore petitioned the High Court to issue a direction in order to allow IL&P take steps to prepare the business and assets of Irish Life Ltd to be sold off.

The company had not decided whether the business would be sold off privately or floated on the stock exchange.

The business is being sold off as part of IL&P’s efforts to raise capital itself without requiring taxpayer intervention.

Irish Life customers are not set to be affected by the move.

State must shell out another €24bn to banking sector – stress tests >

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Gavan Reilly

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