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BoI backs down on bonds
Bank of Ireland (BoI) ended a heavily discounted debt-for-equity offer on a junior bond yesterday, blaming administrative difficulties. The bond, originally sold by the Bristol & West Building Society and taken over by BoI in 1997, has a face value of £75m, representing just over three per cent of the junior bondholders the bank is trying to impose losses on. But most of the Bristol bond holders were yet to accept its offer of an 80 per cent loss of value ahead of a restructuring, compared to 74 per cent acceptance on its other bonds.