A shareholder in Irish Life and Permanent who is challenging the Government's recapitalisation of the bank has told the High Court the legal challenge is one of the most important cases in the history of the State.

Another shareholder at Irish Life and Permanent has today come forward to challenge the Government's move to recapitalise the business.

MINISTER for Finance Michael Noonan has secured a High Court order permitting an injection of €2.7 billion in public funds into Irish Life & Permanent by July 31.

FRESH claims from rebel shareholder, Piotr Skoczylas, that Irish Life & Permanent (IL&P) can be recapitalised through private investment is unlikely to stop the Government virtually nationalising the group later this week.

FINANCE Minister Michael Noonan has stressed that the Government will proceed with its plans to nationalise Irish Life & Permanent (IL&P), in order for it to meet its recapitalisation needs, by the end of this month, despite the group’s shareholders voting against the plan.

DISSIDENT shareholders in Irish Life & Permanent have succeeded in getting four extra resolutions tabled at the bancassurer’s EGM next week, including a proposal to appointment new advisers to review options for raising capital.

SHAREHOLDERS in Irish Life & Permanent (IL&P) seem to be on the verge of forcing an historic vote on the group’s recapitalisation plans, but could run out of time before succeeding in their aim.