BoI bids to retain assurance firm

It is believed that Bank of Ireland is in talks with the European Commission about retaining New Ireland Assurance, but no decision has been made on its future.

According to restructuring plans devised by the Commission in 2010, Bank of Ireland was instructed to sell New Ireland Assurance, as well as a number of other divisions.

The sale was scheduled to be completed by this December. However, in Jun 2011, the commission revised the divestment plan and extended the sale deadline by 12 months.