Bank of Ireland must sell assets to balance state aid

Bank of Ireland has been ordered by the European Commission to sell off parts of a subsidiary in compensation for its state aid.

The Commission says the bank will have to sell off parts of the ICS Building Society mortgage business. This means some loans will be taken over by the new owner.

Brussels says the measures are aimed at undoing the advantage Bank of Ireland gained from receiving €4.7bn from the taxpayer during the financial crisis.

The bank has also been ordered to sell off its British corporate and business banking divisions.