During the debate over the banking crisis, the Government resolutely refused to go down the road of nationalising any of the major financial institutions but when the financial markets open tomorrow (Monday), the State will be the biggest shareholder in the Bank of Ireland.
In order to sell Nama to its membership last year, the Green Party came up with a plan to establish an expert group that would help people struggling with personal or mortgage debt. The intention was that the group would issue recommendations on measures to assist people in debt arrears within a matter of months. The plan, which the Green leadership dubbed “My Nama”, was included in the revised Programme for Government and it looks as if it is now about to get the green light.
Bank of Ireland is finalising plans to launch a €1bn-plus rights issue within six to eight weeks – the first time an Irish bank has tried to raise funding in global capital markets since the onset of the credit crunch, The Sunday Times says.
The transfer of the bank’s first batch of property loans to Nama and European Commission approval of its business plan will determine the timing of the rights issue.