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Bank of Ireland cap-in-hand for capital

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Bank of Ireland cap-in-hand for capital

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Bank of Ireland is going to the market to raise up to 3.4 billion euros in capital as losses from bad property deals continue to mount.

Ireland’s biggest bank by market value is planning to sell 500-million euros worth of shares, and will offer nearly two-billion euros worth of stock in a rights issue.

The country’s banks need a total of 31-billion euros in capital after ‘appalling’ lending decisions led to the near collapse of the financial system.