Bank of Ireland shareholders approve €3.1bn IBRC promissory note deal

Shareholders have unanimously approved Bank of Ireland’s role in the Government’s refinancing of its Anglo Irish Bank debt.

At an extraordinary general meeting yesterday in Dun Laoghaire, shareholders voted 99.98% in favour of the institution acting as the refinancing mechanism of the bond being paid to the Irish Bank Resolution Corporation (IBRC) — formerly Anglo — instead of its latest cash payment.

As announced in March, the Government is paying the IBRC a 13-year bond instead of this year’s €3.1bn tranche of an overall €30bn investment. Bank of Ireland is financing this deal and stands to make a profit of nearly €39m on the interest on the transaction.