IL&P shareholders bid to overturn Noonan’s purchase of Irish Life

Shareholders of Irish Life & Permanent have brought a legal challenge aimed at setting aside the High Court’s approval for Finance Minister Michael Noonan to purchase the group’s life assurance business, the Irish Life Group, for €1.3bn.

Last month the president of the High Court made direction orders, under the Credit Institutions (Stabilisation) Act 2010, allowing the minister to purchase Irish Life from IL&P.

The proposed sale is part of the recapitalisation of Irish Life and Permanent as required by the Central Bank, the EU Commission, the IMF and the ECB and will result in the separation of IL&P’s life assurance and banking businesses.