15/07/2011 (Agence Europe) - Temporary approval to recapitalisation of Allied Irish Banks for merger with Educational Building Society. On Friday 15 July, the European Commission granted “temporary approval” to a recapitalisation worth up to €13.1 million of AIB/EBS, an entity resulting from the merger of Allied Irish Banks plc and Educational Building Society. The Commission considers the “measure to be necessary to increase the bank's solvency ratios, to enable it to resist stress situations, and to preserve stability on the Irish financial markets”. Allied Irish Banks is to submit a revised restructuring plan amended by the end of this month, aimed at ensuring long-term viability. The Commission's final decision on the aid of €13.1 billion will depend on the restructuring plan. (O.L./transl.jl)