‘Secret’ bailout of AIB sparks anger

FINANCE Minister Brian Lenihan provoked fury for using his draconian new powers to effectively nationalise Allied Irish Bank behind closed doors.

Mr Lenihan took €3.7 billion earmarked for pensioners to prop up the bank, making it the fourth financial institution taken into state control.

The injection will virtually wipe out AIB’s shareholders, who have already lost tens of millions of euro in share investments over the last two years.