IL&P required to raise €145m

IRISH Life & Permanent has to raise €145 million under new funding guidelines, by May 31, 2011.

This follows a review by the Central Bank and Financial Regulator, which confirmed that the bank/assurance group has no need to boost its Core Tier 1 Ratio which already stands at the required 8%.

Irish Life & Permanent chief executive, Kevin Murphy, last night & welcomed the decision, the result of the Prudential Capital Assessment Review of its banking subsidiary, Permanent TSB.