Commission to probe Anglo recapitalisation

The European Commission this morning approved further financial support by the State for Anglo Irish Bank and Irish Nationwide Building Society and said it was opening an in-depth investigation into the recapitalisation of Anglo.

"The European Commission has authorised under EU state aid rules an emergency recapitalisation worth up to € 10.44bn in favour of Anglo Irish Bank and €2.7 bn in favour of the Irish Nationwide Building Society (INBS) for reasons of financial stability," the Commission said in a statement.