High Court orders €1.3bn sale of Irish Life to State

High Court orders €1.3bn sale of Irish Life to State

The High Court has today ordered the sale of Irish Life to the state for €1.3bn.

High Court President Nicholas Kearns directed Irish Life to be sold by June.

The order was secured by lawyers for the Minister for Finance this afternoon under the Credit Institutions (Stabilisation) Act.

The move completes the €4bn recapitalisation of Irish Life and Permanent and separates the Group’s life & pension business from its banking business.

In a statement, ILP said that the Minister's intent will be to dispose of Irish Life as soon as market conditions allow.

ILP also said that the move will have no impact on the position of bank customers or life policyholders.

Speaking today, chairman Alan Cook, said that the court order was a necessary step to complete the recapitalisation of the group’s banking business and would also safeguard the future position of Irish Life.

He said: “The financial crisis has exacted an enormous toll on our shareholders, our customers, the taxpayer and the wider community and I know that everyone involved with our group deeply regrets how events have unfolded.

“As chairman, I want to put on record our gratitude to the Irish Government and the Irish taxpayer for the support they have provided to the bank.

"Our focus now must be on minimising any further call on the Irish taxpayer and maximising the potential to build sustainable, customer focused businesses which in time can repay the taxpayer for the support we have been given.

"I believe that this court order lays the foundation for the next phase of that work to begin”.

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