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Anglo closure plans

THE European Commission has given the go-ahead for the final plans to wind down and close Anglo Irish Bank and Irish Nationwide Building Society.

The basketcase financial institutions have already received close to €35bn of taxpayers' money. The two institutions are being prepared for merger and will be wound down over the next decade.

The Commission says that their closure and exit from the market will deal with the distortions of competition caused by the massive State support they have received over the past three years.

Competition Commissioner Joaquin Almunia said that the State aid chapter on Anglo Irish Bank and the INBS "has been finally closed".