Bank of Ireland soars on fundraising plans

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The Independent Online

Shares in Bank of Ireland soared by more than 24 per cent after the lender said that it will tap private sources for a "substantial amount" of the €2.7bn it needs to strengthen its capital buffers.

The bank, which is around 16 per cent owned by the taxpayer, is in talks with investment banks to maximise the amount of money it can raise privately. The Government will aid the process by converting part of its preference shares into ordinary Bank of Ireland stock.