DUBLIN Dec 2 Ireland has re-opened talks on the
sale of state-owned insurance firm Irish Life to Canada Life, a
unit of Canadian life insurer Great-West Lifeco, the
Sunday Business Post reported.
Irish Life, formerly the life insurance arm of bailed out
Irish Life & Permanent (IL&P), was taken over by the state this
year after a ramping up of the euro zone debt crisis forced the
suspension of its sale a year ago.
Canada Life had previously been the lead candidate to buy
the business, a source told Reuters last year, and the Sunday
Business Post said the company was engaged again in discussion
with Ireland's finance department, although no fresh proposal
had been made.
A spokesman for the department of finance said the
department had not received a formal proposal for the sale of
Irish Life. A spokesman for Irish Life said the company would
not comment on the report.
Executives at Irish Life said in September that the company
would need a period of sustained calm in the euro zone before
the sale process would resume.
Ireland's government, which had already poured 2.7 billion
euros into IL&P to recapitalise its banking division, forked out
1.3 billion euros ($1.7 billion) for Irish Life.