Irish Life and Permanent capital needs ‘best served by rights issue’
Merrion said yesterday, via a detailed research note on the financial services group, that it now values IL&P’s recapitalisation needs at €800 million – for the group to achieve an 8% equity tier-1 capital ratio.
While this represents a slight lowering on Merrion’s part it is still well above the €600m alluded to by IL&P’s management at last week’s annual results announcement. The company had previously estimated a figure of around €870m.
