IL&P disintegration a cautionary tale

14th May, 2011

Shareholders in Irish Life & Permanent (IL&P) are very upset. Basically, they are about to be financially ‘‘whacked’’.

The group needs €4 billion of new capital to meet the new capital requirements set out by the Central Bank, under the supervision of the EU and ECB. All of the capital shortfall is due to the clapped-out state of the group’s Permanent TSB mortgage business.

The plan is...

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