European Commission clears Anglo and INBS closures

THE European Commission has cleared the winding down and eventual closure of Anglo Irish Bank and Irish Nationwide Building Society which between them have received close to €35 billion of taxpayers’ money.

The two institutions, which are now state owned, will be merged shortly and wound down over the next decade. Anglo was pivotal to the near collapse of the Irish banking sector which had to be rescued by the state and resulted in EU/IMF bailouts.

The Commission says that their closure and exit from the market will deal with the distortions of competition caused by the massive state support they have received over the past three years.