News

10:45 AM
Reuters
Reuters
News
Connect Directly
RSS
E-Mail
50%
50%

Irish Life Sale to Great-West Life Will Cut Sovereign Debt

Ireland's sale of Irish Life to Canadian life insurer Great-West Lifeco will help push the government's debt below 120 percent of GDP this year, the country's finance ministry said on Tuesday.

DUBLIN, Feb 19 Ireland's sale of Irish Life to Canadian life insurer Great-West Lifeco will help push the government's debt below 120 percent of GDP this year, the country's finance ministry said on Tuesday.

Great-West Lifeco said it would buy Irish Life, formerly the insurance arm of bailed out Irish Life & Permanent, for C$1.75 billion ($1.73 billion) 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 ministry said in a statement.

Copyright 2010 by Reuters. All rights reserved.

Comment  | 
Print  | 
More Insights
Register for Insurance & Technology Newsletters
White Papers
Current Issue
Insurance & Technology Digital Issue Oct. 27, 2014
Innovation? Check. Core modernization? Check. Security? Check. Today's insurance IT challenges don't stump this year's Elite 8.
Slideshows
Video