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Ratings agency Standard & Poor's downgraded the Avondale Securities life insurance-linked notes in line with its downgrade of sponsor Bank of Ireland on 2 February.

The agency said "both the ability and willingness" of the Irish government to provide support to its four troubled banks had waned.

The EUR400mn notes issued by Avondale Securities, a special purpose vehicle sponsored by the Bank of Ireland, securitised "value in force" future profits from life insurance policies sold by subsidiary Bank of Ireland...

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