AIB and EBS to be merged

Irisdh Minister for Finance – Michael Noonan has announced the banking system will be restructured with two new strong banks. He said AIB and EBS will be merged as one of these ‘pillars’. He said Bank of Ireland will be the other ‘pillar’.

AIB and EBS are already closely linked because  AIB operates all cash transmission services, including ATM services for EBS.

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Irish Life and Permanent is  to be restructured, with the State likely to take a majority stake. Irish Life and Permanent is to sell its Irish Life business.