Bank of Ireland has bought back some of its debt at between 38% and 50% of its face value, a move it signalled when it released its annual results last month. The move is aimed at strengthening the bank's financial position.
The bank said its subsidiary, BOI Capital Holdings, had bought euro and sterling denominated securities with a face value of around €1.26 billion.
The bank has also made a tender offer for two debt securities dominated in dollars. The maximum size of this has been increased from $525m to $600m. These securities have a nominal value of $1.2 billion.
The bank says that if the dollar offer is completed, the total buy-backs will add around €1 billion to its capital base, which means it will have more money to absorb future bad debts.
