Press Release: State aid: Commission temporarily approves rescue aid for Irish Life & Permanent Group Holdings

The European Commission has granted temporary approval, under EU state aid rules, to a recapitalisation worth up to €3.8 billion for Irish Life & Permanent Group Holdings (IL&P) by the Irish authorities.

The recapitalisation is necessary to increase the bank's solvency ratios, thereby enabling it to resist potential stress situations and preserving stability on the Irish financial markets.

The Commission will take a final decision on the state measures in favour of IL&P on the basis of the new restructuring plan that Ireland committed to submit by the end of July to take account of this additional state support.

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