Seal of approval for AIB plan

The EU Commission has approved the restructuring plan for State-owned AIB, which has so far cost the taxpayer €21bn.

AIB had been the biggest bank in the country before the financial crisis and was merged with EBS in 2011. The approval for the restructuring plan covers both institutions.

The bank’s chief executive, David Duffy, said at the time of the release of its 2013 annual results on March 5 that he didn’t expect any significant issues to arise during the Commission’s review of its restructuring plan.