IL&P may need further €1bn after failed sell-off bid

THE Government may have to pump a further €1 billion-plus into stricken Irish Life & Permanent after failing to sell off its profitable Irish Life assurance arm of the business.

Last night the board of Irish Life & Permanent Group Holdings plc (IL&P) decided to suspend the flagged sell-off due to what it stated was “continuing market uncertainty”.

The parent company claimed that when it announced its intention to sell its life assurance component it had “attracted significant interest from a broad range of potential acquirers”. It stated that each of the potential buyers “recognised the exceptionally strong franchise which the company has in the Irish market and the low-risk nature of the group’s business”.