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IRISH FINANCE MINISTRY STATEMENT ON BANK RECAPITALIZATION

Recapitalisations of AIB, Bank of Ireland and EBS Building Society 
The Minister for Finance today announced that the Government is
postponing further capital injections in Allied Irish Banks, Bank of
Ireland and the EBS Building Society until after the upcoming election
on February 25. The Government is doing so to allow the election to take
place before the necessary injections are made by a newly elected
Government.  
Under the EU/IMF Programme of Financial Support, the Irish authorities
agreed to ensure that Allied Irish Banks, Bank of Ireland and the EBS
Building Society would be initially capitalised to a level of 12% Core
Tier 1 capital. This was to be completed by the end of February.
However, the Minister has informed the European Commission, the IMF and
the ECB of the Government's view that, because of the democratic
process, this issue should be addressed by the incoming Government. 
Even without further capital injections these banks are adequately
capitalised and the short delay poses no regulatory or stability issues. 
Ends  
9th February 2011
 
 
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