The Bank of Ireland's successful RMBS tender offer on its Kildare and Brunel securitization programs is likely to be followed by more similar offers as banks continue to work to meet new capital requirements.

The Bank of Ireland accepted tenders on approximately 23% of outstanding securities (€1.15 billion) at prices ranging from 33% to 92% of par, according to a Henderson Global Investors report. By repurchasing at a discount and then cancelling the securities, the bank was able to raise approximately €350 million of core Tier 1 capital, by market estimates.

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