BoI wins EU approval for €5.35bn state investment

BANK of Ireland won temporary European Union approval to receive as much as €5.35 billion from the Irish Government.

The European Commission said it expects the bank to submit a new restructuring plan by the end of July before it can decide on final approval for the aid.

“The commission agrees that the measures are necessary to increase the bank’s solvency ratios and maintain confidence in the Irish financial markets,” the regulator said in an e-mailed statement yesterday.