Bank of Ireland will have to sell off assets
worth around €10 billion ($13.5 billion) and wind-down €41 billion
worth of lending to meet a restructuring plan set by the European
Commission.
The bank said it expected to sell businesses
including the ICS Building Society, with mortgage loans worth
approximately €7 billion and deposits of €4 billion outstanding at
the end of December 2009.
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Other assets lined up for sale include the
life assurance, pensions and asset management businesses.
But the plans are still subject to approval by
the commission later this year and although uncertainty clouds
the restructuring, the bank said it was looking to implement the
measures between now and December 2014.
The Irish state recently was forced to buy a
16 percent stake in the beleaguered bank, after the European Union
blocked its original plan to receive a €250 million cash
dividend.
The bank reported a loss of €1.8 billion for
the nine months to 31 December 2009.
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