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AIB to repay Ireland 1.7 bln euros via preference shares

Reuters - UK Focus

DUBLIN, Nov 6 (Reuters) - Allied Irish Banks (EUREX: 558453.EX - news) (AIB) won regulatory approval on Friday to repay 1.7 billion euros ($1.9 billion) of government bailout funds, beginning the process of repaying the 21 billion euros lent to it during the 2008-9 financial crisis.

State-owned AIB has been in discussions with European regulators about reorganising its capital structure, including how much it can repay the government from the 3.5 billion euros of preference shares it owns in the bank.

The remainder of the preference shares will convert to equity and the bank said in a statement it had agreed to issue at least 750 million euros of Lower Tier 2 (LT2) and 500 million euros of Additional Tier 1 bonds (AT1) to achieve a net increase in its capital levels. ($1 = 0.9200 euros) (Reporting by Padraic Halpin; Editing by David Holmes)