The Commission has approved, under EC State aid rules, an emergency recapitalisation worth €4 billion that the Irish authorities intend to grant to Anglo Irish Bank. The Commission found that the notified measure constitutes an adequate means to remedy a serious disturbance in the Irish economy while avoiding undue distortions of competition. As such it is compatible with Article 87(3)(b) EC, as explained in the Commission's guidance on State aid to banks during the current financial crisis. In particular, the measure is limited in time and contains adequate safeguards to minimise distortions of competition. The aid is approved as a temporary rescue measure and Ireland has committed to submit a restructuring plan for the bank until the end of November 2009.
Please click here to view a copy of the Commission’s guidance on State aid to banks during the current financial crisis.