Bank of Ireland faces nationalisation as Republic puts its banks up for sale

first_img Bank of Ireland faces nationalisation as Republic puts its banks up for sale Share whatsapp Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com More From Our Partners I blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org KCS-content center_img whatsapp BANK of Ireland and Allied Irish Banks will effectively be nationalised as part of the €85bn (£77bn) EU/IMF rescue package.The bailout, the details of which the Finance Ministry said were still being finalised last night, are expected to see the level of core tier one capital – a key indicator of financial strength – in the Irish banks ramped up to 12 per cent from eight per cent in a bid to bolster confidence in the financial system, and provide a bigger buffer against potential future losses. The government is expected to inject the additional funds by buying new shares in them, meaning no significant lender in the Republic will be free of state control, with Bank of Ireland, currently 36 per cent owned by the government, now set to be majority owned. The details came as central bank governor Patrick Honohan said Ireland’s nationalised banking system was for sale. “I have been an advocate for a number of years for small countries to have foreign owners for their banks,” he added.But if the government wants to make a quick sale it will have to take a heavy loss on its assets. Allied Irish Bank shares were down 11 per cent in just one day’s trading yesterday, during which Bank of Ireland slumped by 21 per cent.But any fire sale of the banks will probably require the government to break them up and sell off pieces, according to analysts.Capital Economics’ Ben May said yesterday: “You’re unlikely to find investors who will buy individual banks as an ongoing entity, but there may be parts they might be interested in.” Show Comments ▼ Tuesday 23 November 2010 9:00 pmlast_img read more

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