Bank of Ireland has announced it is to sell shares in the bank at 64% discount as part of an effort to raise money.
The shares closed at €1.53 but the new shares will be offered for sale to shareholders at 55 cent in a rights issue.
They can buy three new shares for every two they own.
If they decline the offer to buy shares, their stake in the bank will be halved.
The State's holding will rise to 36% although it will not have to put in fresh funds.
