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Irish government extends life line to leading banks

by Staff Reporter6 minute read

The Irish government announced over the weekend that it would inject 5.5 billion Euros ($11.3 billion) into three of the country’s leading banks to shore up the struggling lenders.

Of the three banks to receive assistance, the Anglo Irish Bank was given 1.5 billion Euros ($3.1 billion) – buying Irish tax payers 75 per cent of voting rights and essentially nationalising the bank.

The Bank of Ireland and Allied Irish banks each received two billion Euros, giving the government approximately 25 per cent of voting rights on directorial and board appointments.


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