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Loan Protection: Two biggest Irish banks set to be nationalised

Ireland's two biggest banks could be set to be nationalised following the country's financial crisis, it has been revealed.

Following the decline in share prices for both Allied Irish Bank (AIB) and Bank of Ireland, the Irish government is expected to take the former into full public ownership and hold an 85 per cent stake in the latter.

It follows the nationalisation of Anglo Irish Bank and will help prevent both banking giants from collapsing.

Since Monday (25th November), the value of AIB shares have decreased by 28 per cent while Bank of Ireland's stock has fallen by 42 per cent.

Both banks have already been issued with a 130 billion euro (£110 billion) loan by the European Central Bank.

In July, each firm passed a banking 'stress test', conducted by the Committee of European Banking Supervisors, which aimed to determine if firms could survive in the current economic climate.

Posted by Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking ADNFCR-2776-ID-800257252-ADNFCR

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