European Commission passes Anglo and Irish Nationwide bailout plan
The European Commission has cleared a bailout plan for Anglo Irish Bank and the Irish Nationwide Building Society.
The proposal, which was submitted for approval in January, provides for the merger of the two troubled institutions and their winding down over the next 10 years.
The EU Competition Commissioner Joaquin Almunia said he is satisfied that the distortions of competition caused by the enormous aid they received is satisfactorily addressed by their exit from the market.
Anglo and Irish Nationwide have jointly received €34.7bn in capital injections from the State to cover losses on property loans.
