REVEALED: Libyan SWF Considered Investing in Bank of Ireland
John Corrigan, the former head of Ireland’s National Treasury Management Agency (NTMA), gave testimony at an Oireachtas banking inquiry on July 15, 2015. Corrigan confirmed the NTMA met with the Libyan Investment Authority (LIA) in December 2010. This was in regard to the LIA possibly investing €1.4 billion in Bank of Ireland. The LIA eventually passed on the investment due to concerns the Bank of Ireland would need more capital. The LIA was concerned about a third round of recapitalization for the bank. At the hearing, Corrigan said with regard to the LIA passing up on the investment, “—–in terms of executing on a transaction in November 2010 in the … based on the fact that they might have to come up with more money in 2011, which would have been case. So, from their point of view, it probably was a clever decision not to proceed with it.”
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