Bank of Ireland meeting on IOUs

Bank of Ireland will hold an extraordinary general meeting on June 18 to approve its role in a refinancing operation the Government is using to delay a €3.1bn cash repayment to the failed Anglo Irish Bank.

The Government in March announced it would issue a 13-year bond to avoid using cash for the payment that was due at the end of March.

The bond will be financed for one year on commercial terms with Bank of Ireland, which in turn plans to refinance the bond with the European Central Bank.