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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