Press Release: State aid: Commission approves second restructuring plan of Bank of Ireland

The European Commission found the second restructuring plan of Bank of Ireland (BoI) to be in line with EU state aid rules. In particular, the restructuring plan contains a major restructuring effort ensuring that BoI will refocus its business model and will considerably reduce its dependence on wholesale funding. The plan ensures a sustainable future for the bank without continued state support and includes appropriate measures to minimise distortion of competition.

• Primary Source

Ireland: Department of Finance: Press Release, 20.12.11: Approval of Bank of Ireland’s Revised Restructuring Plan by the European Commission http://www.finance.gov.ie/viewdoc.asp?DocID=7107&CatID=78&StartDate=1+January+2011

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