European Commission expected to approve Anglo takeover

THE European Commission could approve Anglo Irish Bank’s effective takeover of Arnotts within the next two weeks.

Monday, August 9, has been set as a deadline for objections to be lodged with Brussels over the joint plan by Anglo and Ulster Bank to take control of the Dublin-based department store retailer, in a bid to recoup combined debts of around €260 million owed to them.

While that figure hasn’t been broken down, it is thought that Anglo is owed the brunt of the money from Arnotts — although the nationalised bank, which itself is controversially receiving more than €22 billion of taxpayer’s money in order to keep afloat, declined to comment yesterday.