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Majority control of AIB inevitable
Source: Agencies |
December 24, 2010, Friday
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Print Edition
Print Edition
THE Irish government is preparing to take majority control of a fourth bank, Allied Irish Banks, as it struggles to fix the nation's ravaged banking sector, according to news reports yesterday.
The Irish Times and broadcaster RTE said Finance Minister Brian Lenihan will go to court to seek permission to pump another 3.7 billion euros (US$4.85 billion) from the National Pension Reserve Fund into Allied Irish Banks.
That may make the government the majority shareholder immediately, although state control is seen to be inevitable. AIB became 19 percent state-owned last year after receiving 3.5 billion euros in state funds.
The Department of Finance declined to comment on the reports, but noted that Lenihan had previously said he would act to ensure that AIB met new, higher requirements for capitalization.
The Irish Times and broadcaster RTE said Finance Minister Brian Lenihan will go to court to seek permission to pump another 3.7 billion euros (US$4.85 billion) from the National Pension Reserve Fund into Allied Irish Banks.
That may make the government the majority shareholder immediately, although state control is seen to be inevitable. AIB became 19 percent state-owned last year after receiving 3.5 billion euros in state funds.
The Department of Finance declined to comment on the reports, but noted that Lenihan had previously said he would act to ensure that AIB met new, higher requirements for capitalization.
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