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Thread: Irish Life sold to Canada Life for 1.3bln, state makes 40m profit

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    Politics.ie Member seabhcan's Avatar
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    Default Irish Life sold to Canada Life for 1.3bln, state makes 40m profit

    A good news story breaking that I think needs its own thread. The state has sold Irish Life, recouped its original €1.3bln paid to bail out the company, and made a modest profit of €40m.

    RTE: Great-West agrees €1.3 billion Irish Life deal

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    Did the State not put €4bn into it? Has that been recovered, with interest higher than that which the state is borrowing at?

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    Quote Originally Posted by Con Gallagher View Post
    Did the State not put €4bn into it? Has that been recovered, with interest higher than that which the state is borrowing at?
    Spoilsport

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    If memory serves, Irish life was bailed out to the tune of 3.2bn or there abouts, smells like scamola.

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    Politics.ie Member seabhcan's Avatar
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    Quote Originally Posted by Roll_On View Post
    If memory serves, Irish life was bailed out to the tune of 3.2bn or there abouts, smells like scamola.
    Possibly you are including money sunk into Irish Permanent, which has since been split off and is still state owned.

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    Politics.ie Member gerhard dengler's Avatar
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    The government forked out 1.3 billion in June 2012 for the stake in Irish Life.
    http://www.finance.gov.ie/documents/...atjune2012.pdf (see note 6).

    And today Canada Life acquired the stake for 1.3 billion.

    If I recall correctly the government said at the time that they hoped that their 1.3 billion investment would accrue a substantial return
    40 million is not to be sneezed at but I think it's fair to say that the government was hoping to sell the stake for more.
    Politics.ie moderators should moderate instead.
    Welcome to Political Irish | Political Irish

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    Politics.ie Member seabhcan's Avatar
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    Quote Originally Posted by gerhard dengler View Post
    If I recall correctly the government said at the time that they hoped that their €1.3 billion investment would accrue a substantial return.
    Shhhhhhhhhhhhhhhhhh.....

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    Politics.ie Member seabhcan's Avatar
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    Quote Originally Posted by gerhard dengler View Post
    The government forked out €1.3 billion in June 2012 for the stake in Irish Life.
    40m profit on a 1.3bln deal six months ago is a 6% annual return. Thats not too bad at all.

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    Quote Originally Posted by seabhcan View Post
    40m profit on a 1.3bln deal six months ago is a 6% annual return. Thats not too bad at all.
    Any hope of a few bob for those of us who have policies with them? Daft question no doubt!!

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    Politics.ie Member tigerben's Avatar
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    As usually we have to wait to see the small print, the PR is always for positive spin and then days later we know the deals are never as good as what first came out.

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