Europe approves €875m EBS deal

THE European Commission has temporarily approved the Government’s €875 million recapitalisation of the EBS.

The building society submitted its restructuring plan on Monday this week – unusually in advance of the approval required under state aid rules.

The plan is designed to show that the EBS can become viable without state aid and controlled by private equity or by the state. It also costs alternative scenarios including being gradually wound up or liquidated.