By Andras Gergely

DUBLIN, Nov 25 (Reuters) - Bank of Ireland does not foresee the need for further state bailouts according to the restructuring plan submitted to the European Union, though it said the state would remain a substantial owner.
The bank, which received 3.5 billion euros ($5.2 billion) in state capital in return for an indirect 25 percent stake, is also expected to transfer more than 15 billion of loans to the National Asset Management Agency, a new "bad bank".
Analysts said the assumption of not requiring more state help in the future was common in plans submitted to the EU.

"With these restructuring plans, the banks have to demonstrate to the commission that they are viable businesses going forward that can operate without state support," said Ciaran Callaghan, analyst at NCB Stockbrokers.
In a related case on Wednesday, the European Commission said new state aid to rescue German lender WestLB might require certain conditions to win the approval of European Union regulators.
Brussels has imposed tough conditions including major divestments or balance sheet reductions for several EU banks.
Bank of Ireland Chief Executive Boucher said however that previous cases such as ING, Lloyds and Commerzbank would not have automatic implications for the outcome of Bank of Ireland's own plan.

Boucher told a parliamentary hearing the bank would meet regulatory requirements and also capital levels which satisfy bond markets, despite the hole left in its balance sheet after the NAMA transfers.
However, anticipating increases in minimum capital levels required by regulators, the bank will look for fresh sources of capital, he said, adding that there was unlikely to be enough time for a rights issue before the end of this year.
The Irish government has said it was ready to help banks with more capital if they fail to source it privately.
"A lot will depend on the market's appetite for equity raisings at that point," NCB's Callaghan said."
"I think hopefully it should be able to seek the equity privately, but it depends on how much it needs compared to its market cap at that time."
Bank of Ireland Governor (chairman) Pat Molloy said Ireland would still end up with a significant shareholding in the bank after the restructuring plan submitted to Brussels.
Rival Allied Irish Banks, whose executives spoke at the same hearing, has been examining a range of options to raise fresh capital including the equity market, asset sales and a strategic investment.
Outgoing Allied Irish Chief Executive Eugene Sheehy said it would like to keep its Polish subsidiary.

($1=0.6708 euros)

(Editing by Dan Lalor and Mike Nesbit) Keywords: BANKOFIRELAND/ (andras.gergely@reuters.com; +35315001529; Reuters Messaging: andras.gergely.reuters.com@reuters.net)

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