Brussels, 18/02/2009 (Agence Europe) - On Tuesday 17 February 2009, the European Commission decided not to raise any objections to the nationalisation of Anglo Irish Bank, to be taken over by the Irish government.
Under the current financial crisis and recent revelations about mis-management at Anglo Irish Bank (AIB) that has weakened the bank's financial position, the Irish government decided on 21 January 2009 to nationalise the bank. In order to avoid any legal uncertainties, the government notified the European Commission of the transfer of ownership. The Commission believes that in the absence of any injection of capital, buying of assets or other public aid, the buying up of existing shares and assets does not favour AIB in any way because it is a simple transfer of ownership. It is therefore not state aid. Moreover, no aid has been introduced by Ireland apart from the guarantees that AIB already benefitted from under a system set up by Ireland on 13 October 2008 and authorised by the European Commission. The latter has taken note that the Irish government has promised to notify any potential state aid it might plan in the future and will assess the neutrality of any such aid under the ownership system set out in Article 295 of the EC Treaty. (O.L. trans fl)