Irish Life & Permanent will impose losses of up to 80 per cent on four additional junior bonds with an outstanding value of €80 million, the bancassurer said yesterday.

Irish Life is hoping to raise about €1 billion from imposing losses on junior bondholders to help it plug a capital hole of €4 billion after stress tests in March.

The Government is expected to effectively nationalise the group through a court order in the next few days to inject the bulk of the capital required after shareholders rejected the State’s proposals earlier this week. – (Reuters)