Press Release: State aid: Commission approves recapitalisation of Anglo Irish Bank

On 26 June, 2009, the European Commission approved, under EC Treaty state aid rules, an emergency recapitalisation worth €4 billion that the Irish authorities intend to grant to Anglo Irish Bank. The measure constituted an adequate means to remedy a serious disturbance in the Irish economy while avoiding undue distortions of competition and was therefore compatible with Article 87.3.b. of the EC Treaty, as explained in the Commission's guidance on state aid to banks during the current financial crisis. In particular, the measure was limited in time and contained adequate safeguards to minimise distortions of competition. The aid was approved as a temporary rescue measure and Ireland has committed to submit a restructuring plan for the bank until the end of November 2009.