Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Ireland injects €3.7bn into Allied Irish Banks

The Irish government has injected €3.7 billion (£3.14 billion) into Allied Irish Banks, effectively placing it under state control.

Ireland will use funds from its National Pension Reserve Fund (NPRF) to boost the bank’s core tier one capital to 8% ahead of the government’s year-end deadline.

The move will hand the NPRF a 93% stake in Allied Irish Banks when the bank completes the sale of its Polish interests to Santander.

The bank will move out of the main British and Irish stock markets on 26 January and apply for a listing on the enterprise market of the Irish exchange.

Irish finance minister Brian Lenihan (pictured) said the funding was a move of last resort.

‘The markets are not willing to invest in the Irish banks because they do not have confidence in them,’ he said.

‘We have to have a banking system in this country and it has to be brought into public ownership. I always made it clear that would be a last resort and we are now engaged in that last resort.’

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Big City Bright Future

Big City Bright Future

Big City Bright Future, the brainchild of BlackRock, is a three-week work experience programme for school leavers looking to forge a career in the City.

Play Kames' Ennett: Trump good for US high yield, but beware Europe

Kames' Ennett: Trump good for US high yield, but beware Europe

Kames Capital’s head of high yield David Ennett believes the changing political landscape will be a positive for the US, but negative for Europe in 2017.

Play Philip Milburn: why inflation won't run out of control

Philip Milburn: why inflation won't run out of control

Kames bond fund manager views inflation as more of 'scare' than a 'problem' and is positioning his portfolios accordingly.

Read More
Your Business: Cover Star Club

Profile: change is the only constant for Quilter Cheviot

Profile: change is the only constant for Quilter Cheviot

This is not the first time we have profiled David Miller, but at the time of his previous appearance his company looked very different.

Wealth Manager on Twitter