Brussels, 11/10/2010 (Agence Europe) - The European Commission opened an in-depth investigation on Monday 11 October into the proposed restructuring of Educational Building Society (EBS), Ireland's biggest building society. After a preliminary assessment of the building society's restructuring plan, which was submitted on 31 May, the Commission has concerns whether the measures proposed are sufficient to address the distortions of competition caused by the aid received by EBS. The Commission will, therefore, offer third parties, including competitors, one month to comment on this issue. In addition, the Commission requires more information to confirm the claim that EBS will not need further state aid and will restore its viability on the basis of the current plan. A capital injection of €875 million for EBS was approved by the Commission as an emergency measure on 2 June (see EUROPE 10151). EBS has also received further state aid through asset purchases by the National Asset Management Agency (NAMA) as well as coverage under Ireland's extensive guarantee schemes. Since the Commission was notified of the plan, the Irish authorities have indicated that they are preparing the sale of EBS. The Commission is calling for greater clarity on the EBS sale process. (F.G./transl.rt)