The lending institution has recently received severe criticism due to the high rates charged to borrowers on variable mortgage rate, which is way above the European average.
The bank instead has said it intends to boost its profits by doubling the amount it is making on its loans within the next three years.
The lender has signalled plans to return to public ownership, and also intends to raise €400 million by selling shares to institutional investors, and a further €125 million from new borrowing.
These monies will go towards buying back €400 million in government-owned convertible notes.
The then-Irish Life and Permanent received a €4 billion taxpayer bailout at the height of the banking crisis, and in return, the government took a 99.2% stake at the lender.