BoI could escape state control

BANK of Ireland Plc could remain the only major Irish bank not under state control, if talks with international investors interested in taking a multi-million euro stake in the lender come to fruition.

A successful deal could save the Exchequer up to €1.5 billion as the state has underwritten a €1.91bn share sale through which the bank is endeavouring to persuade mostly retail investors to buy new shares in the troubled lender.

In an unusual move on Saturday afternoon the Department of Finance disclosed that it was involved in negotiations with potential investors. The negotiations continued into yesterday.