Emergency Government Rescue
In June 2010, the European Commission authorised the Irish government to inject €875 million as emergency rescue aid into the society to combat the 2008–2011 Irish banking crisis. This bailout money came with the demand that the EBS must submit a restructuring plan to the Commission. The European Commissioner for Competition, Joaquín Almunia, said "EBS needs a significant recapitalisation to comply—and to continue to comply in the coming years—with capital requirement rules."
By March 2011 the total external bailout needed to save the institution was estimated at €1.5 billion.
Read more about this topic: EBS Building Society
Famous quotes containing the words emergency, government and/or rescue:
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