State moves towards BoI endgame

The state’s decision to acquire a 15.7 per cent stake in Bank of Ireland is not what either party would have wanted

20th February, 2010

It just wasn’t meant to happen like this. The creeping nationalisation of the Irish banking sector took a massive leap forward late on Friday when Bank of Ireland announced that the state, through the National Pension Reserve Fund Commission (NPRFC),would take a 15.7 per cent stake in the bank first thing Monday.

The move was not all that surprising. Investors had known for a month that the EU would not allow the bank...

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