Quinn bidder Anglo Irish Banks gets €10bn state aid
The European Commission has authorised under EU state aid rules an emergency recapitalisation of up to €10.054bn for Anglo Irish Bank (AIB), the potential bidder for Quinn Insurance.
The commission approved the cash injection but has not yet made a final decision on Anglo Irish Bank's restructuring plan.
Commission vice-president for competition Joaquín Almunia said: "Anglo Irish Bank needs a third emergency recapitalisation to meet its obligations. The measure is necessary to preserve financial stability in Ireland.
“However, there is no doubt that Anglo Irish Bank has to restructure profoundly in a way that effectively tackles the weaknesses of the past business model and ensures a sustainable future without continued State support."
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