Allied Irish Banks To Be Nationalized

The Irish government has recapitalized Allied Irish Banks with an injection of €3.7 billion ($4.85 billion).
By Joseph Woelfel ,

DUBLIN (

TheStreet

) -- The Irish government will recapitalize

Allied Irish Banks

(AIB)

with an injection of €3.7 billion ($4.85 billion).

Allied Irish banks is the fourth bank under state control. It will be 92.8% owned by the Irish government after the injection of the funds.

It's the second bailout of the bank. Allied Irish became 19% state-owned after receiving €3.5 billion in state funds last year.

The Irish government already holds majority control in

Anglo Irish Bank

,

Irish Nationwide Building Society

and

EBS

building society.

-- Written by Joseph Woelfel

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