Budget prompts AIB share redemption

Allied Irish Banks intends to redeem $180 million (about £120 million) worth of preference shares, because of cuts in the tax…

Allied Irish Banks intends to redeem $180 million (about £120 million) worth of preference shares, because of cuts in the tax credit attaching to dividend payments announced by the Minister for Finance in his budget speech.

Mr McCreevy rejected requests from a number of companies, including Bank of Ireland, to exempt dividends declared but not paid before December 3rd from the Budget tax changes.

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