Published 29/11/2010 | 05:00
ON-the-block EBS was told last night to raise an extra €438m to meet the Central Bank's new rules.
The demand complicates the process of offloading EBS from state ownership, since the two final bidders were due to submit binding offers by December 22.
One bidder, IL&P, was already facing serious challenges to raise the capital for the EBS deal and had been depending on the Government for EBS's own €550m capital demand.
The other bidder, a private equity consortium led by Cardinal Asset Management, had agreed to stump up the €550m originally demanded but may baulk at the extra €438m.