24/08/2010 (Agence Europe) - On 10 August, the European Commission authorised an emergency recapitalisation of a maximum amount of €10.054 billion in favour of Anglo Irish Bank. It has authorised this measure pending the adoption of its final decision on the restructuring plan of Anglo Irish Bank. The Commission has already authorised two emergency recapitalisation measures for Anglo Irish Bank (€4 billion in 2009 and €10.44 billion in March 2010, €10.3 billion of which was actually granted). Commenting on this decision, the vice-president of the Commission with responsibility for competition, Joaquín Almunia, said: “Anglo Irish Bank needs a third emergency recapitalisation in order to fulfil its obligations. This measure is needed to preserve Ireland's financial stability. There can be no doubt that Anglo Irish Bank needs a bottom-up restructuring to effectively correct the shortcomings of the previous business model and to guarantee a sustainable future without the continued support of the state”. (O.L./transl.fl)