The State acquired Irish Life, the life assurance subsidiary of Irish Life and Permanent for a cost of €1.3bn in 2012. The acquisition completed the recapitalisation required for Irish Life and Permanent following the PCAR stress testing performed by the Central Bank.
In July 2013 the State sold Irish Life to Great-West Lifeco for €1.3bn. Prior to the close of the sale the State had received a dividend of €40 million.
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