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

The European Commission has approved under EU state aid rules the restructuring plan of Bank of Ireland which was rendered necessary by the Irish State €3.5 billion recapitalisation of the bank in 2009 and other state aid assistance.

The Commission is satisfied that the plan is in line with its communication on the restructuring of banks during the crisis. In particular, the restructuring plan foresees that BOI will pay a significant proportion of the restructuring costs, thereby limiting the distortions of competition. The plan furthermore ensures a sustainable future for the bank without continued state support.

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