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. The EC also announced that it has opened an in-depth investigation into the total aid received so far by AIB and its accompanying restructuring plan. In addition, the Irish authorities have given INBS until June 22, 2010, to submit a restructuring plan. EC Vice-President for Competition Joaquin Almunia noted, "There is no doubt that both Anglo Irish Bank and INBS need a significant recapitalization to meet their obligations. The measures are also necessary to preserve financial stability in Ireland."