High Court Order granted for ILP Group restructure (1704I)

TIDMIPM TIDM74SV

RNS Number : 1704I

Irish Life & Permanent Grp HldgsPLC

09 June 2011

Statement by Irish Life & Permanent Group Holdings plc.

Minister for Finance granted a Direction Order by the High Court in respect of a subsidiary of Irish Life & Permanent Group Holdings plc ("the Company").

Thursday 9th June 2011. The High Court has today granted a direction order to the Minister for Finance, Mr Michael Noonan TD, in respect of Irish Life & Permanent plc ("IL&P"). The direction order, which will have effect 5 working days from today, was granted pursuant to Section 9 of the Credit Institutions (Stabilisation) Act 2010.

IL&P announced on 31 March 2011 that "as a consequence of the scale of the recapitalisation needs of the bank, the life and banking businesses would be separated and the current group structure unwound".

The order directs IL&P to make preparations for the possible disposal of the business and assets of Irish Life Limited (the "Irish Life business") by either (i) a possible initial public offering of some or all of the Irish Life Business and/or (ii) a possible private sale of some or all of the Irish Life business. A copy of the direction order will be made available on the Company's web site [www.irishlifepermanent.ie].

Speaking today a spokesman for IL&P said that "following our announcement on 31 March 2011, the Direction Order was required to ensure that IL&P could make preparations to ensure that the Irish Life business will be offered for sale by 31 October 2011 as part of the recapitalisation of IL&P."

Contact details

Barry Walsh, Head of Investor Relations

Tel: +353 1 704 2678

Orla Brannigan, Investor Relations

Tel: +353 1 704 1345

Ray Gordon, Gordon MRM

Tel: +353 1 665 0452

This information is provided by RNS

The company news service from the London Stock Exchange

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