Sale to Great-West most risk-free option

The sale of Irish Life had been well flagged but, nonetheless, adds to the positive news flow over recent months. Whether it is a good deal for the Irish taxpayers depends on which way you look at it.

The Government paid €1.3bn for the company roughly this time last year, so the sale to Great-West Lifeco, the parent of Canada Life, for that amount means no loss to the taxpayer. This is the second attempt at selling Irish Life to the same company. The original deal collapsed in November 2011.

The Canadian financial services giant pulled out at the 11th hour amid concerns that Ireland could default on its sovereign debt obligations, or the euro would collapse. Obviously these concerns have now been put to bed, which is good news for the wider economy. After all, the country needs much foreign investment to get the economy moving again.