Sales of Irish Life and permanent life insurance division has collapsed as a result of the worst banking crisis in Ireland
In Ireland, banks have taken a turn for the worst crisis. Sales of Irish Life and permanent life insurance division had been destroyed, collapsed and huge losses caused by the banking crisis. The government has said that no bids were received for the company, despite significant interest from a variety of high potential buyers. On the last night, the Treasury issued a statement saying that Irish Life will not accept any bids, and any at this time.
The government has tried to no longer cooperate with Irish Life in order to decrease the cost of giving up Unit Bank cannot benefit the group, but the collapse of sales has left taxpayers footing the bill. The main candidate has bought Irish Life is more than one billion Euros of Canada Life. Apollo Global Management and a bid from CVC Capital Partners and a joint bid from U.S. companies leverage JC Flowers have also been selected.
The Treasury has said that the finance department will continue to cooperate with the Irish Life and Permanent in order to complete the recapitalization process in accordance with the requirements that have been filed by the Central Bank.