No buyer for Irish Life and Permanent

The government has confirmed that no buyer has been found yet for Irish Life and Permanent.

A statement issued by the Department of Finance said that although the business attracted significant interest from a broad range of potential bidders, no bids have been acceptable at present.

The leading candidate to buy Irish Life for more than €1bn was Canada Life.

A joint bid from US leveraged firms JC Flowers and Apollo Global Management and an offer from CVC Capital Partners had also been shortlisted.

The Government is splitting up Irish Life to lower the cost of bailing out the group’s unprofitable bank unit.