Author (Corporate) | European Commission: DG Communication |
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Series Title | Press Release |
Series Details | IP/11/854 (11.7.11) |
Publication Date | 11/07/2011 |
Content Type | News |
The European Commission has granted temporary approval, under EU state aid rules, to the recapitalisation of Bank of Ireland (BoI) by the Irish authorities of up to €5.35 billion. This follows from the calculations of the Irish central bank, in March this year, of the capital needed to deleverage and meet higher than normal loan-to-deposit ratios to be able to resist stress situations. The prudential capital assessment review carried out by the Central bank was required under the Programme for Support for Ireland agreed in November 2010 between the Irish authorities, on the one hand, and the EU, ECB and IMF, on the other hand. The Irish State will underwrite the issue of new rights by BoI for up to €4.35 billion. Another €1 billion will be provided as contingent capital. |
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Source Link | http://europa.eu/rapid/pressReleasesAction.do?reference=IP/11/854&format=HTML&aged=0&language=EN&guiLanguage=en |
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Subject Categories | Internal Markets |
Countries / Regions | Europe, Ireland |