IL&P recapitalisation claim

FRESH claims from rebel shareholder, Piotr Skoczylas, that Irish Life & Permanent (IL&P) can be recapitalised through private investment is unlikely to stop the Government virtually nationalising the group later this week.

Mr Skoczylas — who was, pending Central Bank approval, voted onto the IL&P board by disgruntled shareholders at last week’s extraordinary general meeting (EGM) — yesterday sent an open letter to the Department of Finance, the NTMA, the Central Bank and the IL&P board stating that private investors are still interested in putting money into the business.

Mr Skoczylas — of Maltese-based investment fund, Scotchstone Capital — said that IL&P’s shareholders could find, within 30 days, private investors to participate in the group’s recapitalisation efforts.