Deutsche bank to advise on plans

AS THE battle to invest in the underfunded Irish banks intensifies, investment institutions fronted by IAIM (Irish Association of Investment managers) have appointed Deutsche Bank as financial advisor.

Deutsche and Credit Suisse were the banks which advised British prime minister Gordon Brown’s government on the £37 billion (€44bn) investment package put together to keep the British banks from going under. The announcement came as the six Irish banks again met the Finance Minister Brian Lenihan to discuss their re-capitalisation plans and to hear their views on potential mergers.

In its head-to-head with Mr Lenihan, Irish Life & Permanent made it clear it would legally challenge any attempt by the Government to force it to merge with Bank of Ireland.