The European Commission has given temporary approval to the Government's plans to inject funds into EBS.
A statement said the commission had backed the measure for a period of six months as it was urgent rescue aid. The Finance Minister Brian Lenihan earlier this year committed to providing €875m to EBS to enable it to meet financial targets set out by the Financial Regulator.
EBS now has six months to submit a restructuring plan to the Commission. The society has already indicated that it will submit a plan to the EU by the end of June.
Last week, EBS said it had received the first €100m from the Government, giving the Finance Minister effective control of the society.
The Government plans to provide the rest of the money over a period of years unless EBS can raise money from private investors.
