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NAMA and equity raising at Bank of Ireland

October 1, 2009

Analysis of:Bank Of Ireland Confident on Capital | www.nytimes.com

Bank of Ireland may be able to raise internal capital following NAMA though says rights issue not required. Many variable market related factors and accounting assumptions must fall in their favor, while a Euro 1bn fresh equity requirement is more likely over a 3 year horizon. The Irish Government with its NAMA policy is giving the banks time in which to raise equity. BOI have just raised a €1bn unsecured bond which will be used pre 31 Dec 09 to repurchase Government held pref shares.

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