Bank of Ireland get 94% take-up

Bank of Ireland has received a take-up of 94.6% for the rights issue required by the Irish government to boost its capital base.The bank received valid acceptances in respect of 2.97bn shares out of a total 3.14bn on offer, although the €1.72bn cash call is fully underwritten.It also has the backing of the National Pension Reserve Fund Commission (NPRFC), which took up its entitlement worth over €600m.Terms of the issue were 3 new shares for every 2 at €0.55c and the Irish taxpayer will own up to 36% of the ordinary shares in the bank following the sale of those not taken up. The new shares will start trading on 14 June.In March, Bank of Ireland posted underlying losses of €3bn in the nine months to end 2009 after it wrote down the value of loans to customers by more than €4bn.