Irish Life & Permanent said today it has received the go ahead for its euro 500 million acquisition of TSB.
Approval for the deal was issued by the Tánaiste, Ms Harney, who does not consider the acquisition of TSB Bank by Irish Life& Permanent to be notifiable under the Merger Acts.
The Tánaiste has confirmed that she will not be making any order in regard to it and given the impact of this transaction is largely confined to Ireland, European Commission approval is not required.
The monies raised will be used to support the financing of the acquisition of TSB Bank and to support the ongoing financing needs of the Group.
