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Bank Of Ireland To Raise Funds

Bank Of Ireland To Raise Funds - The Bank of Ireland and Irish Life & Permanent Group Holdings PLC said Monday they are launching capital-raising drives to meet the terms of the country's multibillion-euro bailout.

The Bank of Ireland said it aims to raise €2.2 billion ($2.91 billion) by Feb. 28 through a combination of internal initiatives, support from existing shareholders and other capital-markets sources.

The Irish government will subscribe for the incremental capital, should the bank "not be in a position to raise sufficient capital within the proposed timeframe," it said in a statement.

Separately, Irish Life said it aims to raise €100 million from its own resources in an unspecified time frame. It said the move will have a "modest impact" on the group.

Irish Life Chief Executive Kevin Murphy said the strengthening of the capital position would reassure international investors over the ability of Irish banks to withstand the impact of the current recession.

Ireland's government reached an agreement Sunday on an €85 billion rescue package from the European Union and International Monetary Fund, which will carry an approximately 6% interest rate and have an average maturity of 7.5 years. Ireland will have to contribute €17.5 billion to the effort.

Under the deal, €35 billion was earmarked to help restructure the banking sector, including €10 billion for recapitalization.

Bank Of Ireland To Raise Funds

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