Complexity is your friend - at least, if you’re a minister for finance who would rather not take control of a bank that is trying to raise €3.4 billion, despite being valued at just €2billion. Bank of Ireland’s recapitalisation deal, unveiled last week, offers bewildered bank shareholders and taxpayers a masterclass in complexity.
The outcome of the capital raising will, however, be relatively straightforward. Unless the bank’s existing shareholders throw...
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