€8bn bank bailout in Ireland
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Monday, February 2, 2009
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The government of Ireland plans to inject €4 billion each into the Bank of Ireland and the Allied Irish Bank.
An insurance scheme to underwrite bad debts would also be created and the banks will attempt to raise €1 billion from shareholders. The two banks have been in need of recapitalization for several weeks. The government had previously offered €2 billion. The deal will see the government take on up to €24 billion of risk from speculative property loans by the banks.
The government has already moved to nationalize the country's third largest bank, Anglo Irish.
Sources
- "Irish govt eyes $10 bln bank capital injection-source". Reuters, February 2, 2009
- Gill Montia "Allied Irish and Bank of Ireland in €8bn bail-out". Banking Times, February 2, 2009
- Laura Slattery "Government to invest up to €8bn in B of I and AIB". The Irish Times, February 2, 2009
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