BoI gets approval to cut share capital by €3.92bn

A Bank of Ireland petition to reduce its share capital by €3.92bn to €1.97bn has been approved by the Commercial Court.

The proposed reduction in the bank’s share premium account was approved by shareholders last June and by the minister for finance, but also required court approval.

Yesterday Ms Justice Mary Finlay Geoghegan told Paul Sreenan, counsel for the bank, that having read the petition and accompanying documents, she was satisfied to grant the application.