Anglo Irish Bank Corporation plc announced today (18th July 2002) the raising of GBP 160 million (€250m) of tier one capital through the issuance of a “Tier One Non-Innovative Capital Security” (TONICS).
This instrument will further enhance the capital resources of the Bank and support the ongoing growth of the balance sheet. It will also facilitate substantial growth in earnings, without recourse to ordinary shareholders. Priced at 7.625%, this issue is perpetual in nature.
Arranged and lead by Merrill Lynch, on behalf of Anglo Irish Bank, UK based institutions took up the issue.
Commenting on the issue, Mr Tiarnan O Mahoney, Chief Operating Officer, said:
“This is the first time in Europe that such an innovative structure has been used to raise Tier One Capital. The issue will allow further building of the capital base and also represents the raw material for substantial balance sheet growth over the coming years. It will enable us to continue our strategy of expanding by organic growth and further demonstrates the capability of the bank to introduce Tier One capital, without recourse to shareholders.”
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For further information please contact:
Tiarnan O Mahoney
Chief Operating Officer
Telephone: (01) 616 2600
Mobile:087 2570381
