Bank of Ireland close to agreeing E.U. restructure
16 April 2010 - 8:58AM
Dow Jones News
Bank of Ireland (IE:BIR) (IRE) said Friday that it expects to
sell several businesses and to impose limits on payouts to
shareholders and other investors in order to gain European approval
for its state aid and restructuring plans. The bank said a final
decision by the European Commission is expected by mid-2010, but
that it expects to dispose of assets including New Ireland
Assurance Co., Bank of Ireland Asset Management and ICS Building
Society. The divisions likely to be sold generated underlying
operating profit of around 90 million euros ($122 million) in the
nine months to Dec. 31. The bank said it will attempt to accelerate
the wind-down of its U.K. intermediary-sourced mortgage portfolio.
Among the other requirements, the bank won't make discretionary
payments of coupons on hybrid capital securities through Jan. 31,
2011, will accept restrictions on paying dividends on common stock
and won't make any material acquisitions.
-Simon Kennedy; 415-439-6400; AskNewswires@dowjones.com
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