Bank of Ireland eyes rights issue

BANK of Ireland is understood to be planning a rights issue in November to buy out some of the government&rsquo;s indirect 25 per cent stake in the lender.<br /><br />The move could raise the &euro;1.5bn (&pound;1.3bn) necessary to limit the Irish government&rsquo;s preference shares at 15 per cent, minimising the possibility of majority stake ownership after risky property loans are transferred to Ireland&rsquo;s &ldquo;bad bank&rdquo;. The bank received a state capital injection of &euro;3.5bn earlier this year. <br /><br />Bank of Ireland declined to comment on speculation.