Allied Irish Banks To Be Nationalized
DUBLIN (
) -- 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
>To contact the writer of this article, click here:
Joseph Woelfel
>To submit a news tip, send an email to:
.
Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.