Abbey to seek approval for buy back

House-builder Abbey plc today announced its intention to seek shareholder approval to buy back 15 per cent of it's stock.

The country's second largest housebuilder issued a statement today where it confirmed the move.

The buy back, which will happen over the next 18 months, is intended to place the group "in a position to respond to volatile market conditions such as those which occurred during the month of September".

Abbey builds and sells new homes in Ireland and Britain. Last year about two-thirds of its sales were in Britain.

Shareholders will vote on the proposal at a meeting in Dublin on November 19th.