AIB and Bank of Ireland agree on government bailout
Sat Feb 7, 2009 2:37pm GMT
DUBLIN (Reuters) - Allied Irish Banks (ALBK.I) and Bank of Ireland (BKIR.I) have agreed terms with the government over a 7 billion euro ($8.97 billion) capital injection into the two groups, the Irish Times said on Saturday.Allied Irish Banks and Bank of Ireland declined to comment on the report, which did not cite sources. A finance ministry spokesman declined to comment. "Any recapitalisation proposal must be considered by the government," the spokesman added.
The Irish Times said final technical details were only agreed on Friday with Bank of Ireland first to sign up to the package.
Prime Minister Brian Cowen said on Saturday the government would be finalising arrangements "in the coming days."
"We will be putting more directors in there, we will be taking voting rights in relation to the banks -- these are all detailed issues that will emerge when the final decisions are taken," Cowen told public broadcaster RTE in an interview.
"We are going to get preference shares, we will insist on getting our money back in due course -- paying a coupon for it in the meantime," he said without giving further details.
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