Opinion expected on PTSB challenge

The European Court of Justice will deliver its opinion this week on a challenge by shareholders of Permanent TSB against the constitutionality of legislation used by the Government to recapitalise the bank during the economic crisis.

The ECJ has been asked by the High Court in Dublin to determine if Finance Minister Michael Noonan breached any legislation when he obtained an order to allow the State to recapitalise the ailing bank.

The State assumed 99.29% control of the bank after it injected €2.7bn into the former Irish Life & Permanent (now Permanent TSB) in 2011.