EC approves €1.5bn recapitalisation of Anglo Irish
Wednesday, 14 January 2009
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The European Commission has approved the Irish Government's emergency recapitalisation of Anglo Irish Bank.
The Government had been waiting for approval from the European authorities before pumping €1.5bn of taxpayers' money into the ailing bank.
Following an investigation, the commission announced today that the move is in line with EU competition law.
It says providing emergency state aid is an appropriate way to address a serious disturbance in the Irish economy without disrupting the financial sector.
