Irish Life & Permanent plans to tap the securitization market for 145 million euros ($184 million) in order to comply with more stringent capital requirements.
The bank must raise the capital by the end of May 2011 in order to comply with the new capital requirements set out by the Irish monetary authority. According to a Reuters report, Allied Irish Bank must also raise 7.4 billion euros by the end of the year to meet the tougher regulatory requirements.
Irish Life is required to submit its recapitalization plan to the central bank and the financial regulator within 30 days.
