Bank of Ireland swaps €1.4bn of junior debt
Bank of Ireland has swapped €1.4bn of its junior debt for about half the bonds' face value in a deal that will net the bank about €700m.
Banks in Ireland have to raise $43 billion in capital as lending remains dry in the economy, this announcement came after the National Asset Management said it is discounting 47% on the first loans is it purchasing from lenders as a way to provide tranquility in the financial system.