Agency notes progress of banks

RATING agency Standard & Poor’s yesterday said the country’s two main banks, AIB and Bank of Ireland, have made progress on the financial restructuring in recent months.

In a note, the agency said both banks made progress in recent months on the substantial refinancing of their respective balance sheets.

AIB, which is under pressure to raise €7.4 billion, announced the sale of its Polish operations for €2.5bn to Santander, the Spanish banking giant.