The Irish government announced Monday the appointment of Goldman Sachs Group to advise on potential capital restructuring at Allied Irish Banks, once the country’s largest High Street lender.
Allied Irish Banks was nationalized in 2010 as numerous Irish financial institutions collapsed after the bursting of a property bubble, and its failure cost taxpayers €21 billion.
Significant progress by Allied Irish Banks
Allied Irish Banks was the second-largest failure among Irish banks in 2010, only behind that of Anglo Irish Bank, which cost €34 billion and is now in liquidation. AIB remains a functioning bank, though it has streamlined and shed assets, including a successful business in Poland.
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