EC set to approve bank restructuring

THE European Commission is expected to approve restructuring plans for Anglo Irish Bank, Allied Irish Bank and the Irish Nationwide Building Society next week, just weeks before new plans will be presented.

The decisions, expected next Tuesday, will be fourth in respect of Anglo Irish Bank in response to emergency recapitalisation by the state.

However, the next application, expected to be submitted next month, should be the final one as it will wind down Anglo Irish and Irish Nationwide having completed their loan transfers to the National Asset Management Agency.