EC approves recapitalisation of Anglo-Irish Bank
30 June 2009
The emergency recapitalisation of Anglo-Irish Bank amounts to €4 billion. The measure constitutes an adequate means to remedy a serious disturbance in the Irish economy, while avoiding undue distortions of competition.
On 29 May 2009 the Irish authorities announced their intention to recapitalise Anglo Irish Bank with €4 billion. On 15 June 2009, they formally notified this measure to the Commission.
The proposed measure is required as a matter of urgency to preserve the financial stability of the bank which is of systemic importance to the Irish financial markets. The proposed recapitalisation is appropriate to remedy Anglo's solvency problems and maintain confidence in the Irish financial markets. In particular, the rescue aid does not go beyond what is necessary to keep the bank afloat until an in-depth restructuring plan can be established and submitted to the Commission for its approval and it cannot be used to engage in an expansion of the bank's activities.
© European Commission
