BoI applies to lower share capital in bid to build buffer for future losses

Bank of Ireland has brought a petition seeking to reduce its share capital by €3.92bn to €1.97bn.

The proposed reduction in the bank’s share premium account — approved by shareholders in June and by the Minister for Finance — will not affect the regulatory capital of the bank, the Commercial Court was told yesterday by Paul Sreenan SC.

Mr Justice Peter Kelly admitted the proceedings to the Commercial Court list and fixed the petition for hearing on Nov 15. Directions for its advertisement prior to that date were also made.