Allied Irish Banks Plc, the country’s biggest government-controlled lender, is finalizing details of a redundancy package for more than 2,000 staff that will likely include a limit on individual payouts, according to two people familiar with the situation.
Allied Irish Banks Plc , Ireland’s second-biggest bank, has tripled its reliance on funding from central banks since the end of June as companies and customers pulled money amid the country’s debt crisis.
The Irish government is in talks with Allied Irish Banks Plc that may result in the state taking majority ownership of the company, the nation’s second-largest lender, said two people with direct knowledge of the discussions.
The European Central Bank shouldn’t withdraw support measures including record-low interest rates and emergency liquidity until Ireland has restructured its banks, Finnish Finance Minister Jyrki Katainen said.
Irish officials and experts from the European Union and International Monetary Fund are working through the weekend in Dublin, racing to finish an aid agreement amid pressure to act before markets tumble.
Commodities sank after China told banks to set aside more reserves in an effort to curb inflation, while the euro gained amid prospects for a financial rescue for Ireland. U.S. stocks advanced after Nike Inc. increased its dividend and earnings at technology companies topped estimates.