Irish Life ready to participate in banking sector restructuring
Irish Life & Permanent said it is ready to take part in a restructuring of the Irish banking sector once all lenders submit their plans to the European Union.
“We are still confident that once they’re submitted the Irish banking sector will be restructured, and we are ready to participate in that,” Chief Executive Officer Kevin Murphy spoke to investors on a conference call today.
Irish Life & Permanent may seek to raise capital “by the year-end,” Murphy said.
The lender needs to raise about €900m, he said. The company said it could raise €200m outside a rights issue.