Regulators Clear Bank of Ireland Bailout
The European Commission have cleared the Irish government's proposed EUR3.5 billion bailout of the Bank of Ireland.
The Irish government is also set to splash a further EUR3.5 billion in the direction of Ireland's other big bank the Allied Irish Bank, as soon as it gets the green light from EU regulators.
In exchange for the cash Dublin will get a 25% stake in each bank, government officials on the board, caps on executive salaries and the payment of a fixed 8% dividend into the country's pension reserve.
The Irish government is also set to splash a further EUR3.5 billion in the direction of Ireland's other big bank the Allied Irish Bank, as soon as it gets the green light from EU regulators.
In exchange for the cash Dublin will get a 25% stake in each bank, government officials on the board, caps on executive salaries and the payment of a fixed 8% dividend into the country's pension reserve.