Government to proceed with plans to nationalise IL&P

FINANCE Minister Michael Noonan has stressed that the Government will proceed with its plans to nationalise Irish Life & Permanent (IL&P), in order for it to meet its recapitalisation needs, by the end of this month, despite the group’s shareholders voting against the plan.

IL&P’s senior management are due to meet the minister to discuss the plan and communicate shareholder sentiment, in the light of a lively extraordinary general meeting yesterday.

At that meeting, IL&P’s shareholders rejected a resolution allowing the Government to put state funds into the institution and voted in favour of extending the July 31 recapitalisation deadline and the appointment of additional advisers to review alternative investment options. They also voted leading rebel shareholder — Piotr Skoczylas of Maltese-based investment fund, Scotchstone Capital — onto the board, pending full regulatory approval.