IRISH LIFE & PERMANENT shareholders have voted against the State injecting funds into the company at an extraordinary general meeting today.
Speaking at the meeting in Dublin this afternoon, Chairman Alan Cook said that there was no incentive for the company’s shareholders to sanction a bailout of €3.8 billion for IL&P, RTÉ reports.
The recapitalisation plan would wipe out shareholder interests and give a 99 per cent share to the State, the Irish Times reports.
However, the Minister for Finance Michael Noonan has vowed to go ahead with the plans to recapitalise IL&P in spite of the shareholders’ wishes.
The bank needs the money because of the Central Bank’s requirement that it raise around €4 billion to cushion itself against bad loads following the banking stress tests in March.
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