EU clears state aid for 3 Irish banks
BRUSSELS: European Union competition regulators temporarily cleared billions of euros in state aid for Anglo Irish Bank, Allied Irish Bank and Irish Nationwide Building Society on Tuesday. The European Commission said the three lenders would need to come up with restructuring plans.
"The Commission's approval of these emergency measures to help to preserve financial stability in Ireland does not prejudge future decisions on restructuring (for Allied Irish Bank) or on orderly resolution (for Anglo Irish and INBS)," the EU executive said in a statement. It said a final decision on Allied Irish Bank would depend on whether its overhaul would ensure its longterm viability without additional bailouts. - PB News