The chief executive of Anglo Irish Bank says he expects the European Commission to give a preliminary verdict on the bank's restructuring plan by the end of July or early August.

Mike Aynsley said he expected formal approval for the plan to split Anglo into a 'good' bank and a 'bad' bank by the end of September. Anglo Irish Bank's management have argued that this arrangement is the least costly to the taxpayer.

Mr Aynsley was in Brussels last week to meet Commission officials about the restructuring plan.

The Government expects it will have to pour at least €22 billion into Anglo Irish Bank.

Two weeks ago Mr Aynsley told the Oireachtas finance committee that taxpayers will never see that money again.