Bank of Ireland raises 45m in bond swap
Bank of Ireland is set to raise about 45m in capital as it exchanges some unsubordinated bonds for Government-guaranteed bonds.
The bank announced the offer last week, which allowed holders of its Canadian Dollar Lower Tier 2 securities, to exchange these bonds for Government guaranteed senior securities.
Holders of about C$138m of the junior bonds (38pc) took up the offer to swap their securities for smaller but guaranteed bonds. The new bonds will be in both euro and Canadian dollars.
The move comes as the bank try to raise enough capital to meet new Central Bank requirements by the end of February.