The EU will support capital to Irish banks
The EU will support capital to Irish banks
European Commission under the relevant provisions of the 21 approved banks, to include three of Britain and Ireland Bank of Ireland funding to maintain the Irish financial sector stability.
The European Commission said in a statement, the Commission has approved funding to the British love of 4.946 billion euros banks, building societies to the nation 2.7 billion euros capital injection in order to maintain its normal operation. The European Commission also agreed to provide Allied Irish Bank assistance to 9.8 billion euros, provided that the bank's restructuring plan to make a number of creditors, shareholders and banks bear some of the restructuring charges, can not allow taxpayers to foot the bill for bank restructuring and reorganization of the final Plans must be satisfied that the European Commission.
Vice-Chairman of the European Commission responsible for competition commissioner Joaquin Almunia said that the Irish banking industry is currently struggling, he has with the EU and the Irish government the International Monetary Fund welcomed the agreed assistance programs. He said the European Commission approved the same day to provide assistance to the three banks to fulfill their obligations to ensure that they are indispensable, but also help maintain financial stability in Ireland. However, Almunia stressed that funding for the Irish banking sector for the provision of EU measures do not violate the relevant provisions of government assistance.
As the banking crisis triggered by the debt crisis, the Irish Government on November 21 formal requests for assistance to the EU. November 28, Ireland, EU finance ministers approved for a total of 85 billion euros of the rescue plan, of which 350 billion euros for Irish banking rescue the remaining 50 billion euros for the financial resources to meet the needs of the Government of Ireland.