Friday September 18, 2020

State must buy Irish Life, says commission

The European Commission has told the government that it must buy Irish Life Assurance (ILA), the insurance and investing arm of Irish Life and Permanent, by the end of June.

4th March, 2012
Kevin Murphy, IL&P.

The European Commission has told the government that it must buy Irish Life Assurance (ILA), the insurance and investing arm of Irish Life and Permanent, by the end of June to fulfil its commitment to recapitalise the financial services group, according to the commission's latest quarterly review.

The deal will cost the state up to €1.3 billion in additional public funds, most of which the government had hoped to raise by selling the business to...

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