Irish Life & Permanent
Published 29/11/2010 | 05:00
THE owner of life insurance giant Irish Life and bank Permanent TSB was told last night it must raise an extra €100m by the end of May.
A spokesman last night said the group was "confident" it could raise the money without any state support.
It is understood that IL&P was given longer to raise the money than other banks, so it can release its full year results and use them to tempt investors.
While IL&P is taking no state support, it will still have to present the regulator with a plan to slim down its operation. Having to slim down could make it harder for IL&P to go ahead with its bid for building society EBS, which is in need of an extra €438m after last night's announcement. Before yesterday's announcement, IL&P already had to raise €140m to hit the old capital target. The plc recently told investors it had raised €100m of this and could source the rest internally.