Bank of Ireland wins revamp approval

In July 2010 the European Commission approved under EU state aid rules the restructuring plan of Bank of Ireland which was rendered necessary by the Irish State €3.5 billion recapitalisation of the bank in 2009 and other state aid assistance.

The Commission is satisfied that the plan is in line with its communication on the restructuring of banks during the crisis. In particular, the restructuring plan foresees that BOI will pay a significant proportion of the restructuring costs, thereby limiting the distortions of competition. The plan furthermore ensures a sustainable future for the bank without continued state support.

Ireland: Department of Finance: Press Release, 15.7.10: Approval of the Bank of Ireland's restructuring plan by the European Commission http://www.finance.gov.ie/viewdoc.asp?DocID=6391&CatID=1&StartDate=1+January+2010&m=n

European Commission: Press Release: IP/10/954: State aid: Commission approves restructuring plan of Bank of Ireland http://europa.eu/rapid/pressReleasesAction.do?reference=IP/10/954&format=PDF&aged=0&language=EN&guiLanguage=en

ESO: Background information: Minister for Finance welcomes Bank of Ireland's announcement http://www.europeansources.info/record/press-release-minister-for-finance-welcomes-bank-of-irelands-announcement/

Irish Times, 15.6.10: Commission approves BoI plan http://www.irishtimes.com/newspaper/breaking/2010/0715/breaking31.html

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