Risky times for bank investors

Last week’s deal between the state and Bank of Ireland diluted the bank’s shares, with the same risk facing AIB shareholders, writes David Clerkin, Markets Correspondent

27th February, 2010

Last week’s deal to give the state a 15.7 per cent stake in Bank of Ireland was an unwelcome development for the bank’s existing shareholders. The move made the state - through the National Pensions Reserve Fund (NPRF) - the bank’s biggest single shareholder.

By issuing the NPRF with 184 million shares in lieu of the €250 million due to be paid to the fund in cash last weekend, the...

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