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The Irish government announced over the weekend that it would inject 5.5 billion Euros ($11.3 billion) into three of the country’s leading banks to shore up the struggling lenders.
Of the three banks to receive assistance, the Anglo Irish Bank was given 1.5 billion Euros ($3.1 billion) – buying Irish tax payers 75 per cent of voting rights and essentially nationalising the bank.
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The Bank of Ireland and Allied Irish banks each received two billion Euros, giving the government approximately 25 per cent of voting rights on directorial and board appointments.
