Bank of Ireland completes two-pronged €1.9bn state exit
Bank of Ireland and the Irish government raised a total of €1.9bn on Wednesday, as the state sold its preference shares in the bank before a key deadline. The bank issued €580m of fresh equity to buy back some of the prefs, with another €1.3bn restructured and sold to bond investors through a special purpose vehicle.
The deal allowed the state to exit the investment before a step-up in the redemption cost for the bank in 2014, while transferring a large part of the risk to the private sector.
"The idea behind the whole deal was it is time for the government to exit
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