Bank of Ireland to repay stock

Bank of Ireland said it remains on track to buy back €1.3bn of preferred stock issued during the financial crisis, even as its capital level fell in the third quarter on a widening pension deficit.

Bank of Ireland shares eased slightly to close at 33c in Dublin, giving the lender a market value of €10.68bn. Over the last 52 weeks, the shares have traded in a range between 26c and 39c.

The common equity tier 1 capital ratio, a measure of financial strength fully taking into account incoming banking rules, was at 10.6% in September, compared with 11.1% in June.