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I Life sale cuts Gov debt to under 120pc
Tuesday, February 19 15:52:31
The sale of Irish Life to Canadian life insurer Great-West Lifeco will help push the government's debt below 120pc of GDP this year, Finance Minister Michael Noonan confirmed today.
Great-West Lifeco said it would buy Irish Life, formerly the insurance arm of bailed out Irish Life and Permanent, for E1.3bn and expected the transaction to close in July.
"A 1.3 billion euro cash injection would, combined with the Bank of Ireland Contingent Capital deal, and all other things being equal, reduce GGD (General Government Debt) to GDP from 121.3 percent at end 2013 to 119.9 percent," the Minister said in a statement.
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