Government buys IL&P life division for €1.3bn

The life and pensions division of bailed-out finance house Irish Life & Permanent (IL&P) has been bought by the Government for €1.3bn.

The deal — expected for several months — completes Ireland’s bank recapitalisation programme after a plan to sell to a rival did not materialise.

The sale has no impact on bank customers or life policyholders or on their accounts and policies.