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Irish Life withdraws its shares from Irish stock market | Irish Life withdraws its shares from Irish stock market |
(40 minutes later) | |
Irish Life & Permanent has withdrawn its shares from the Irish stock exchange ahead of a fresh round of bank stress tests. | Irish Life & Permanent has withdrawn its shares from the Irish stock exchange ahead of a fresh round of bank stress tests. |
There has been media speculation that more banks may have to be nationalised once the results of the stress tests are known. | There has been media speculation that more banks may have to be nationalised once the results of the stress tests are known. |
Shares in Irish Life fell 44% on Tuesday to 41 cents a share. | Shares in Irish Life fell 44% on Tuesday to 41 cents a share. |
The firm was the only lender to avoid a government bail-out after the financial crisis. | The firm was the only lender to avoid a government bail-out after the financial crisis. |
It is thought that Irish banks may need as much as 30bn euros ($42bn; £26bn) in additional capital, which would take the total amount injected into Irish banks since the financial crisis to approximately 75bn euros. | |
Irish Life said its shares would remain suspended until Friday. | |
Mortgage market | |
The Central Bank has carried out stress tests on four lenders - Allied Irish Bank, Bank of Ireland, the Educational Building Society, as well as Irish Life & Permanent. | |
"The Central Bank expects to announce the results for all the banks involved on Thursday evening 31 March and a full statement will be issued," Irish Life & Permanent said in a statement. | |
While the insurance arm of the group, Irish Life, is profitable, its banking arm, Permanent TSB is struggling because of its dependence on the troubled residential mortgage market. | |
Irish Life & Permanent is the Republic of Ireland's largest provider of mortgages and private pensions. | Irish Life & Permanent is the Republic of Ireland's largest provider of mortgages and private pensions. |
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