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EU announces investigation into Irish banking state aid

(BRUSSELS) - European Union regulators launched on Monday a probe into a state-rescued Irish building society, a mutual form of bank, with fresh "doubts" emerging over Dublin's plans to sell the business.

Ireland won temporary authorisation from Brussels in June to give the Educational Building Society, Ireland's biggest, an 875-million-euro capital injection, which resulted in its being nationalised.

However, EU Competition Commissioner Joaquin Almunia now "has doubts whether the distortions of competition caused by the aid are sufficiently addressed in the restructuring plan," according to a statement.

It added that the commission "requires more information to underpin the claim that EBS will not need further state aid and will restore its viability on the basis of the current plan."


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