DUBLIN: The Libyan investment authority considered investing €1.5 billion in Bank of Ireland in late 2010, according to the former head of the National Treasury Management Agency (NTMA) John Corrigan.
Speaking to the Oireachtas Banking Inquiry on Wednesday, Mr Corrigan confirmed that the NTMA met with the Libyan sovereign wealth fund in Tripoli in December 2010 with a view to it investing in Bank of Ireland. This was a time when Libya’s disgraced former dictator Moammar Ghadaffi still led the country.
The Libyans made an approach to the NTMA in November 2010 and wanted to take €1 billion of preference shares held by the State and was prepared to pay €400 million for a 24 per cent stake in Bank of Ireland, Mr Corrigan said.
