Irish Life sale ‘relies on market calm’

It will take at least another four months of benign market conditions across the eurozone before the divestment process for Irish Life will begin, says group chief executive Kevin Murphy.

“But ultimately the decision belongs to the Minister for Finance.”

The potential sale of State-owned Irish Life to insurance firm Canada Life broke down last November on the back of torrid market conditions. The Government had hoped to generate roughly €1.3bn from the sale to help defray the costs of bailing out the banking system.