BoI confident commission will approve restructuring

BANK of Ireland is confident that the European Commission will approve its altered restructuring plan, allowing it to retain ownership of the well-performing ICS Building Society.

The disposal of the ICS and New Ireland Assurance formed part of the company’s original restructuring plan, but management now wants to keep ICS and park the sale of New Ireland for 12 months.

While no approval decision is pending from the EC, Bank of Ireland chairman Pat Molloy told shareholders at the company’s annual general meeting in UCD yesterday that management “doesn’t envisage having to sell ICS within the next 18 months”.