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

The European Commission approved, under EC Treaty state aid rules, an emergency recapitalisation worth €1.5 billion that the Irish authorities intend to grant to Anglo Irish Bank. The Commission found the measure to be in line with its Guidance Communications on state aid during the current financial crisis. 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. In particular, the measure was limited in scope, required an adequate remuneration and provided safeguards to minimise distortions of competition.