Press Release: State aid: Commission approves resolution of Anglo Irish Bank and Irish Nationwide Building Society

The European Commission has cleared under EU state aid rules a joint plan for Anglo Irish Bank (Anglo) and Irish Nationwide Building Society (INBS) whereby they will be merged and resolved over a period of 10 years.

The two Irish financial institutions received massive state support during the crisis after they overexposed themselves to the commercial loan and property development sector, which eventually caused their downfall. Their exit from the market deals with the distortions of competition caused by the support.

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