BANK OF IRELAND
STATEMENT ON CAPITAL RAISING PLANS
07 February 2011
The Bank notes recent media speculation concerning the Bank's plans for meeting the Central Bank's incremental Core Tier 1 capital requirements of €2.199 billion by 28 February 2011, announced on 28 November 2010.
The Bank is discussing a number of structures with the State to raise the requisite Core Tier 1 capital by 28 February 2011. The Bank's objective in these discussions is to facilitate a subsequent stock offering to stockholders, at a point when there is likely to be further clarity following the Prudential Capital Assessment Review (PCAR) and Prudential Liquidity Assessment Review (PLAR) which are due to be completed by the 31 March 2011. None of these structures has been approved by or agreed with the State, and there is no certainty as to which, if any, of the structures under consideration will be adopted.
A further announcement will be made in due course.
E da un articolo:
Bank of Ireland has said it is in talks with the State about ways of meeting financial targets set by the Central Bank for the end of this month.
The bank must raise €2.2 billion of capital, €700m of which has already come through a bond exchange.
In a statement responding to media speculation about the bank's plans, Bank of Ireland said it was discussing 'a number of structures' with the State.
It said it was aiming to facilitate a share offering to shareholders at some point after February 28, when there was further clarity after Central Bank reviews of the banks' financial position, which are due to be completed by March 31.
There were reports at the weekend that State funding could be used as a short-term bridge without increasing the taxpayer stake in Bank of Ireland.