Irish fury as EU 'nationalises' Bank of Ireland

Telegraph
"Despite strong representations from the Irish government that Bank of Ireland was secure, the EU-brokered €85bn (£72bn) bail-out is likely to demand that billions more euros of capital are injected into the bank to take its key Tier 1 ratio up to 12pc, higher than the demands of the Basel process.

Sources said that the move will take the Irish government's stake in the bank from 36pc to an effective majority stake and dilute all other shareholdings. "It is nationalisation by any other name," the source said. "