Brussels, 07/05/2014 (Agence Europe) - On Wednesday 7 May, the European Commission has found that restructuring aid granted by Ireland to Allied Irish Banks plc (AIB) and its subsidiary EBS is in line with EU state aid rules. The total capital support for AIB - including aid to AIB and EBS on a stand-alone basis - i.e. before their merger - is €20.775 billion. Since the merger, the bank has been 99.8% state-owned. The restructuring plan (submitted in 2012 and added to on several occasions since then) “sets out the right measures for this bank to return to profitability without unduly distorting competition in the Single Market”, said Competition Commissioner Joaquin Almunia. The Commission says the restructuring plan “ensures that AIB shall pay an appropriate remuneration to Ireland for the state support and sets out a repayment commitment”. The restructuring plan includes a set of commitments to be respected until the end of 2017, including cost-cutting targets and a ban on acquisitions, in order to reduce the distortions of competition caused by the aid. (EL)