State to become BoI’s biggest shareholder

Conditions imposed by the EU forced the state to take a 15.7 per cent stake in Bank of Ireland in lieu of the €250 million payment due from the bank this weekend, despite the preference of the government and the bank to make the payment in cash at a

20th February, 2010

Conditions imposed by the EU forced the state to take a 15.7 per cent stake in Bank of Ireland in lieu of the €250 million payment due from the bank this weekend, despite the preference of the government and the bank to make the payment in cash at a future date.

The bank announced late last Friday that the state, through the National Pensions Reserve Fund Commission (NPRFC), would become its biggest shareholder when markets open...

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