Date set for IL&P shareholders’ vote

IRISH Life & Permanent (IL&P) has named December 17 as the date for the EGM at which shareholders will formally vote on the restructuring of the group and the formation of a new holding company.

The plan — already flagged by management at the group’s annual general meeting earlier this year and again at its more recent interim results presentation — is aimed at making its banking and life/pensions divisions more independent of each other.

The move is a preliminary step towards making it easier for Permanent TSB (the group’s banking arm) to take part in any future talks about a much mooted so-called third force super mutual in Irish banking, which may also include the EBS and IrishNationwide Building Society (INBS).