Bank of Ireland told SRP it is too early to determine the effect of the restructuring and sale of New Ireland Assurance on its distribution of structured products, but to expect business as usual in the short term. The bank announced on Friday that it is in the process of securing an agreement with the EU regulator over the terms of its bailout, in which the firm is preparing to sell New Ireland Assurance, Bank of Ireland Asset Management and ICS Building Society in exchange for state aid.
New Ireland Assurance has been selling its current series of structured products, Secure Plus and Secure Advantage, since February 2009. Issue nine of both series is currently on sale.
A statement from Bank of Ireland said, "The European commission will require the bank to effect certain structural and behavioural measures. Accordingly, over the last number of months, the bank, through the Department of Finance, has been involved in detailed negotiations with the European Commission in relation to the terms of the EU Restructuring Plan.
"Bank of Ireland expects the decision regarding the approval of the proposed measures, including the final terms of the EU Restructuring Plan, will be taken by the European Commission by mid-2010."