Notwithstanding its recent rapid nationalisation, the Commission had earlier granted approval, under EC Treaty state aid rules, for an emergency recapitalisation of Anglo Irish Bank by the Irish Government. The Commission found the recapitalisation measure, worth €1.5 billion, would to be in line with its Guidance Communications on state aid during the current financial crisis. In supporting the initial recapitalisation plan, the Commission expressed satisfaction that the measure was necessary, that it included an appropriate level of private contribution and that it provided safeguards to minimise distortions of competition, including a prohibition of advertising of the aid, restrictions on the payment of dividends, restrictions on executives' remuneration and an obligation to nominate public interest representatives to the bank's Board of Directors. As part of the approval process, the Commission imposed an obligation on the Irish authorities to submit a restructuring plan for the bank within six-months of recapitalisation. Circumstances have however intervened with the nationalisation of the Bank pursuant to the passage of the Anglo Irish Bank Corporation Act 2009.