BOI shareholders vote in favour of NAMA participation

Bank of Ireland shareholders have voted by a 99% majority to participate in the NAMA bank rescue plan.

Bank of Ireland shareholders have voted by a 99% majority to participate in the NAMA bank rescue plan.

The decision was taken at a special EGM in Dublin today.

Bank of Ireland Chairman Pat Molloy told the EGM that the bank expects a discount of around 30% on the loans it will transfer to NAMA.

Some €16bn of risky loans will be transferred off the bank's balance sheet if it approves entry into the National Asset Management Agency.

The meeting heard repeated calls for the bank to support an independent inquiry into the banking crisis.

There were also demands from angry shareholders for more resignations at Bank of Ireland.

Shareholders said they wanted clear answers from the bank about why it engaged in reckless lending and gave out billions in bad loans.

But Mr Molloy insisted it was not up to the bank to initiate an inquiry.

"We clearly see that (the inquiry) as a matter for Government," Mr Molloy said.

"If there is an inquiry of course we will cooperate with it fully, but it is not for us to determine whether or not there should be."

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