Bank of Ireland (BOI) could face a legal challenge from British investors who face losing 80% of their money.

Irish banks are under pressure from the state to raise capital, and bond holders are expected to "burden share".

One of the bond holders affected, Liberal Democrat MP, John Hemming, told BBC Radio 4's Money Box, it was unfair that smaller investors were worst hit.
BOI said that its offer to the holders of the permanent interest bearing shares complies with all requirements.

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Money Box has been contacted by a number of concerned investors, who hold the bonds in question, first issued by Bristol and West in 1991.
The permanent interest bearing shares, or PIBS, were sold by a number of building societies at the time to..........Click HERE to read more on this story