Press Release: State aid: Commission approves amendment of Bank of Ireland´s restructuring plan

The European Commission has authorised changes to Bank of Ireland's second restructuring plan, approved in December 2011, because it considers the changes compatible with EU state aid rules.

In the light of various changes in the market circumstances since the 2011 decision, BOI is in particular no longer required to divest New Ireland Assurance Company (NIAC). Such a divestment would negatively affect BOI´s capital and capacity to return to profitability and would slow down progress towards long term viability. To replace this divestment, Ireland has proposed equivalent commitments which will ensure that competition distortions are limited.

• Primary Source

ESO: Background Information: State aid: Commission approves second restructuring plan of Bank of Ireland http://www.europeansources.info/record/press-release-state-aid-commission-approves-second-restructuring-plan-of-bank-of-ireland/

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