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20/04/2009
AIB Must Raise An Additional €1.5bn
AIB has said it must raise another €1.5bn in addition to the €3.5bn being provided by the State to ensure its future.
Stress tests conducted by Minister for Finance Brian Lenihan have concluded a total of €5bn of new core tier one capital is required in order for the bank to survive the recession.
In a statement AIB said: "Following discussions with the minister for finance and reflecting his desire to ensure that systemically important banks would remain adequately capitalised, even in stressed scenarios, we have decided to take further action to strengthen our capital position."
It remains unclear where the additional money will come from however AIB has profitable businesses it could sell to raise funds including a 22% stake in US bank M&T and an extensive operation in Poland.
The bank acknowledged that the Minister has said that if any further capital injections are required from the State these would be in the form of equity capital.
(GK/JM)
Stress tests conducted by Minister for Finance Brian Lenihan have concluded a total of €5bn of new core tier one capital is required in order for the bank to survive the recession.
In a statement AIB said: "Following discussions with the minister for finance and reflecting his desire to ensure that systemically important banks would remain adequately capitalised, even in stressed scenarios, we have decided to take further action to strengthen our capital position."
It remains unclear where the additional money will come from however AIB has profitable businesses it could sell to raise funds including a 22% stake in US bank M&T and an extensive operation in Poland.
The bank acknowledged that the Minister has said that if any further capital injections are required from the State these would be in the form of equity capital.
(GK/JM)
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Ireland WeatherToday:Showers today, occasional north and west of Lough Neagh, but only a few isolated light outbreaks expected for Belfast and county Down where the best of the winter sunshine is expected. West to northwest winds brisk around the coasts. Maximum temperature 10 °C.Tonight:Showers focused across northern areas of the Province, with most in the south staying dry, with a frost developing for many here. Northwest winds fresh around the coasts. Minimum temperature 0 °C.
