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EC temporarily approves aid for Anglo Irish and INBS and opens inquiry into Anglo Irish aid

Alston & Bird LLP
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European Union, Ireland
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April 1 2010

Yesterday, the European Commission (EC) authorized an emergency recapitalization worth up to 10.44 billion for Anglo Irish Bank (AIB) and 2.7 billion for Irish Nationwide Building Society (INBS) for reasons of financial stability approved for a period of six months

Ireland's National Asset Management Agency acquires first tranche of loans from Irish banks; Minister of Finance introduces broad initiatives to stabilize banking system

Alston & Bird LLP
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Ireland
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March 30 2010

Today, the National Asset Management Agency (NAMA), the Irish government's "bad bank" asset acquisition programme, announced that it will acquire an initial tranche of over 1,200 individual loans to the 10 largest land and development borrowers of Allied Irish Banks Plc (AIB), Anglo Irish Bank, Bank of Ireland, Irish Nationwide Building Society, and EBS Building Society, for consideration of 8.5 billion

EC approves Irish "bad bank" scheme

Alston & Bird LLP
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European Union, Ireland
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February 26 2010

The European Commission (EC) has approved Ireland's National Asset Management Agency (NAMA) under the European Union state aid rules

Allied Irish Banks and Bank of Ireland announce participation in Irish government bank asset acquisition program

Alston & Bird LLP
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Ireland
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November 30 2009

Today, Allied Irish Banks, p.l.c. (AIB) and the Bank of Ireland (BoI) each announced their intention to participate, subject to stockholder approval, in the Irish government's National Asset Management Agency (NAMA) bank asset acquisition programme (NAMA Programme) announced this past April and passed by the Irish parliament just over two weeks ago

European Commission approves revised Irish guarantee scheme for financial institutions

Alston & Bird LLP
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European Union, Ireland
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November 20 2009

Today, the European Commission approved a measure proposed by Ireland that is designed to stabilize Irish financial markets by improving the access that credit institutions have to medium-term state-guaranteed financing

Ireland announces plan to acquire property loans

Alston & Bird LLP
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Ireland
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September 16 2009

Earlier today, Ireland’s government announced additional details of its plan to acquire property loans from struggling banks in order to bring additional liquidity and stability to the troubled Irish financial system

European Commission approves Anglo Irish Bank 4 billion recapitalization plan

Alston & Bird LLP
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European Union, Ireland
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June 26 2009

Today, the European Commission (EC) approved the Irish government's 4 billion emergency recapitalization of Anglo Irish Bank

Anglo Irish Bank to receive 4 billion in capital from Irish government

Alston & Bird LLP
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Ireland
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June 1 2009

Following last Friday's publication of Anglo Irish Bank’s (AIB) financial results for the six months ended March 31, 2009, the Irish Minister of Finance announced that, subject to EU approval, the Irish government will provide up to 4 billion of capital to AIB

Allied Irish Banks provides capital update

Alston & Bird LLP
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Ireland
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April 20 2009

Allied Irish Banks, PLC (AIB) announced today that it has "decided to take further action to strengthen its capital position…."

Ireland announces emergency budget, including creation of "bad bank"

Alston & Bird LLP
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Ireland
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April 7 2009

Earlier today, Ireland's Finance Minister Brian Lenihan announced an emergency "supplementary budget" to address Ireland's growing budget deficit, which had grown to 3.7 billion during the first three months of 2009 and was projected to grow to as much as 24 billion by year end, all while GDP is projected to fall by 8 this year and unemployment projected to hit 12.6, the highest level in 13 years

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