Ex BoI boss Soden: Possible nationalisation of bank 'on a knife edge'

A former chief executive of Bank of Ireland has said the prospect of nationalising the bank is "on a knife edge".

The bank is in the process of trying to raise €5.2bn in capital through a four-part strategy. Shares in the bank are trading at 14c each.

When asked this morning whether he believed Bank of Ireland could remain a private institution, Mike Soden said: "I genuinely think it's on a knife-edge at this moment.

"Just putting capital into the bank is not the answer. We have got to get back to a situation where investors find the Irish banks a viable proposition in which to put money."