Report: State may have to take stake in IL&P

Speculation has mounted that the State may have to take a stake in Irish Life and Permanent (IL&P), the last privately-owned Irish bank, after this week's stress tests.

According to the Irish Times, the severity of the results could ultimately see the Government get part or majority ownership of IL&P.

The business has so far managed to avoid looking for state support because of its investment and pensions arm which has been profitable, and the fact that Permanent TSB decided not to lend to developers.

The company has not commented on the claims.