Saturday, December 25, 2010

* Business * Allied Irish Banks Ireland nationalises fourth bank with move to take over Allied Irish


    Allied Irish Earnings Annual results
     
    Allied Irish shares are worth 33c compared with the €24 they traded at before the global recession. Photograph: Andy Rain/EPA
    Ireland has nationalised its fourth troubled financial institution after taking control of Allied Irish Banks (AIB) today in an attempt to stem the run on deposits at the stricken bank. In the latest sign of the lack of confidence in the Irish banking system, Ireland's government secured a high court order to inject €3.7bn (£3.15bn) of funds into the bank through the nation's pension fundreadore read more..

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