Allied Irish Bank (AIB), one of the largest banks in Ireland, is set to come under state control after the high court approved a cash injection into the beleaguered firm. AIB is yet to officially agree to the move, although it is widely expected that the bank will accept the government's 3.7 billion euro (£3.15 billion) rescue package. The firm has already a received 3.5 billion euro bailout and the new capital will mean the state will hold a 49 per cent stake in AIB. Minister for Finance Brian Lenihan claimed the government had no choice but to pump more funds into AIB. "They [the markets] don't have confidence in them and that's the state the banks have brought themselves to," he told The Irish Times. "We have to have a banking system in this country and it has to be brought into public ownership. I have always made it clear that would be a last resort and we are now engaged in that last resort." Posted by Charles Baker Charles is a reputed financial analyst with almost decades of experience under his belt
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