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01/04/2011
Bank of Ireland Shares 'On The Rise'
A day after the publication of the Irish banking system stress test results, the Bank of Ireland have announced a rise in shares.
The 33% jump is said to be a result of the government not having to take a majority stake in the firm.
The stress tests concluded that Irish banks will need an injection of 24bn euros (£21.2bn) to survive the financial crisis.
Being able to meet capital requirements, the Bank of Ireland would be able to remain independent
however, in early trading, shares in Irish Life & Permanent fell 65%.
Emer Lang, a Dublin Banking Analyst with Davy's, told the BBC: "It seems very likely that the government will end up owning a majority stake in Irish Life & Permanent.
Bank of Ireland has been ordered to raise 5.2bn euros ($7.4bn; £4.6bn) by early summer to meet capital requirements. The bank said it would do so.
"It has potential to raise some of that through further debt management."
Ms Lang added: "Some of the rest might come from existing shareholders, thus minimising the government's involvement."
"The Irish Republic's government currently owns a 36% stake in Bank of Ireland. Investors hope it will keep its stake below 50%.
"The Bank of Ireland has at least a fighting chance of maintaining its independence.”
"It has three months to keep itself out of the government's hands."
(BMcN)
The 33% jump is said to be a result of the government not having to take a majority stake in the firm.
The stress tests concluded that Irish banks will need an injection of 24bn euros (£21.2bn) to survive the financial crisis.
Being able to meet capital requirements, the Bank of Ireland would be able to remain independent
however, in early trading, shares in Irish Life & Permanent fell 65%.
Emer Lang, a Dublin Banking Analyst with Davy's, told the BBC: "It seems very likely that the government will end up owning a majority stake in Irish Life & Permanent.
Bank of Ireland has been ordered to raise 5.2bn euros ($7.4bn; £4.6bn) by early summer to meet capital requirements. The bank said it would do so.
"It has potential to raise some of that through further debt management."
Ms Lang added: "Some of the rest might come from existing shareholders, thus minimising the government's involvement."
"The Irish Republic's government currently owns a 36% stake in Bank of Ireland. Investors hope it will keep its stake below 50%.
"The Bank of Ireland has at least a fighting chance of maintaining its independence.”
"It has three months to keep itself out of the government's hands."
(BMcN)
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Northern Bank posts record annual results
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Irish Bank 'Stress Tests' To Be Published
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Irish Bank 'Stress Tests' To Be Published
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Hotels Calls BoSI Closure 'Catastrophic'
The Irish Hotel Federation has said some 150 hotels may be under threat after a decision by Bank of Scotland to close its Irish operation. The bank, which announced its closure yesterday, currently provides 20% of all loans to the hotel sector and will withdraw from the business market by the end of the year.
Hotels Calls BoSI Closure 'Catastrophic'
The Irish Hotel Federation has said some 150 hotels may be under threat after a decision by Bank of Scotland to close its Irish operation. The bank, which announced its closure yesterday, currently provides 20% of all loans to the hotel sector and will withdraw from the business market by the end of the year.
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