Noonan secures court order directing speedy sale of Irish Life by IL&P

The Minister for Finance has secured a court order directing Irish Life & Permanent plc to take steps to achieve the speedy and orderly sale of Irish Life Ltd as part of efforts to achieve the proposed €4 billion recapitalisation of the group.

Mr Justice Nicholas Kearns yesterday granted the minister’s application, made under the Credit Institutions Stabilisation Act, for the directions order.

The judge said he had received the legal documents at 8am yesterday and noted the overall intention of selling Irish Life was to stabilise and reorganise IL&P. The position of depositors will not be adversely affected by the sale, the court heard.