Irish Banks Need $40 Billion of New Capital, CreditSights Says
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Irish banks may need as much as 30 billion euros ($40 billion) of new capital before investors will be persuaded to fund them, according to CreditSights Inc.
Allied Irish Banks Plc and Bank of Ireland, the nation’s biggest lenders, will probably have to boost their so-called core Tier 1 ratio to 15 percent from 8 percent, analyst Simon Adamson wrote in a note today. Allied Irish needs 9.1 billion euros and Bank of Ireland needs 4.5 billion euros, based on CreditSights’ analysis of the banks’ latest financial reports.