EU bending rules to 'preserve stability'
THE European Commission will bend its own rules to allow the Government here to pump extra money in Anglo Irish Bank and Irish Nationwide Building Society for three months to help preserve Ireland's financial stability.
The commission added that it has opened an in-depth investigation into the Government's restructuring plans and into all of the money paid to the banks since the banking crisis hit in 2008.
Anglo has until the end of May to submit new proposals on how it will attempt to restructure the bank, while Irish Nationwide has been given a deadline of June 22.
"There is no doubt that both Anglo Irish Bank and Irish Nationwide need a significant recapitalisation to meet their obligations," Competition Commissioner Joaquin Almunia said. "The measures are also necessary to preserve financial stability in Ireland."