IL&P shareholder abandons recapitalisation court action

A SHAREHOLDER in Irish Life and Permanent has “abandoned” his legal challenge against plans by the Government to recapitalise the bank.

Yesterday the court was informed that shareholder Gerald Nigel Bunting of Suffolk in Ipswich, England, had settled his action aimed at overturning or varying the orders obtained by the Minister for Finance on July 26 last.

The order, which allowed the injection of €2.7 billion into IL&P, effectively gave the state a 99% stake in the bank, wiping out the shareholder’s investment.