The European Union's top competition watchdog has approved the Government's emergency recapitalisation plan for Anglo Irish Bank, which was nationalised earlier this year.
'The measure constitutes an adequate means to remedy a serious disturbance in the Irish economy while avoiding undue distortions of competition,' the European Commission said.
'The aid is approved as a temporary rescue measure and Ireland has committed to submit a restructuring plan for the bank by the end of November 2009,' it added.
Anglo Irish Bank, badly hit by the financial crisis, was nationalised in January.
The Government said in May that it planned to inject up to €4 billion into the bank, subject to European Union approval. The announcement came as Anglo Irish Bank reported a pre-tax loss of €4.1 billion in the six months to March.
