Business Irish

Friday 24 February 2017

Bank of Ireland dividend a step closer as bank moves to redeem final preference shares

Gavin McLoughlin

Gavin McLoughlin

Bank of Ireland chief Richie Boucher
Bank of Ireland chief Richie Boucher

Bank of Ireland is a step closer to paying out a first dividend since the crash after it announced it would redeem its final €1.3bn of preference shares on January 4.

The bank has guided that it would not pay a dividend until the so-called "prefs" were paid off.

The preference shares were originally issued to the State in return for capital. Later the State sold them to private investors.

The bank' s CEO Richie Boucher said it was an "important event" for Bank of Ireland.

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