EC approves AIB restructuring plans, says it will return bank to profit
The European Commission has approved a restructuring plan for AIB it says can return the bailed out lender to profitability.
Approval was required because of State aid received by AIB and its subsidiary EBS since 2009.
EU backing for the AIB plan, which was presented for approval by the Government back in 2012 had been expected. Last year competition authorities approved Bank of Ireland’s restricting plan, leaving Permanent TSB as the remaining bailed out Irish lender still waiting for its plan to be approved.