Government close to selling IL&P’s insurance arm
Potential bidders for financial services firm Irish Life & Permanent’s insurance arm will receive documents outlining details of its sale within the next two weeks, Finance Minister Michael Noonan said today.
Earlier this month, the High Court this month made an order to the Government directing IL&P to make preparations to ensure its life insurance arm is offered for sale, either through an initial public offering on the stock exchange or a trade sale, by the end of October.
The sale is necessary to raise the potential capital bill facing the company after the recent Central Bank stress tests.
"Following that order, I would be hopeful that as soon as this week or next, we will be able to distribute the Information Memorandum to parties who have indicated an interest in the acquisition of that business," Mr Noonan said in a speech at the Financial Services Ireland annual lunch in Dublin.
The Government would prefer a sale rather than a floatation on the stock market, he added.
“In the first instance we hope to do it by a trade sale….if that does not work there are obviously other options,' Mr Noonan.
He added he hoped the nationalised Anglo Irish Bank would complete the sale of $10.3bn in loans on US commercial property by the end of August or early September.