IL&P Sees No More State Takeovers Of Irish Banks

`I think there is no probability at all of that happening,` IL&P Chief Executive Denis Casey told reporters.

The head of Irish Life & Permanent said on Wednesday he was confident there would be no further nationalisation of Irish banks following the state takeover of Anglo Irish Bank.

"I think there is no probability at all of that happening," IL&P Chief Executive Denis Casey told reporters after a speaking engagement in Dublin.

Irish lawmakers passed legislation on Tuesday to nationalise Anglo Irish, the country's third biggest lender, and Finance Minister Brian Lenihan reiterated on Wednesday there was no plan to do likewise with Bank of Ireland and Allied Irish Banks.

"The government ... have indicated they have no intention or desire to nationalise those banks. I don't think those banks need to be nationalised so I don't see why that should be speculated on any further."

Casey said banking and insurance group IL&P was well capitalised and had good internal capital raising capabilities, adding it had a lower-risk loan book compared with other Irish banks and therefore its impairments would be lower.

He said IL&P had temporarily shelved a plan to tap the bond market for funds and would wait for more stable conditions.

"Clearly markets were very turbulent through late last week and into early this week, so it's our intention to visit the markets as soon as a period of stability arises," he said.

IL&P, which has a workforce of 5,500, plans to extend an internal career break scheme after around 100 staff accepted the offer of a lump sum and up to three years out, Casey said.

Shares in the group were up 20 percent at 1.44 euros in Dublin by 1425 GMT on a broadly flat Irish bourse.