IL&P chief: Up to €2.5bn needed from Government

THE new chairman of Irish Life & Permanent (IL&P) has said that up to €2.5 billion of the group’s €4 billion post-stress test capital requirements will have to come from the Government, but has told shareholders that the business is not on the brink of bankruptcy.

Addressing shareholders at the group’s — at times, volatile — annual general meeting, yesterday, Alan Cook said that the onus is on IL&P to try to raise as much of the €4bn as possible, by its own means.

A large part of that seems likely to be via the sale of its profitable life and pensions business; a move currently being advised upon by Deutsche Bank.