Bank of Ireland – Government takes a majority stake

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… according to Reuters anyway and coming after a long plunge in today’s trading and a decision to hold a firesale of the family silver. They’re stopping short of full nationalisation though.

It’s casting fresh doubt on the credibility of the stress-testing that both the Bank of Ireland and Allied Irish Bank went through in July. Not much more detail than that available at the moment, but we’ll keep you posted.

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