EU clears state aid for 3 Ir­ish banks

The Pak Banker - - Company & Boss News -

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

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