In what feels like a case of "what's old is new," Ireland's woes continue.
The latest news to come from the Emerald Isle is that the Irish government gained court approval Thursday to nationalize Allied Irish Banks, the fourth bank taken over by Ireland amid a financial crisis brought on by speculative real estate lending.
AP reports the government, through the National Pension Reserve Fund, is immediately injecting $4.85 billion into the bank and will initially get a 49.9% share of the AIB's ordinary share capital. Following the conversion of nonvoting shares already held by the government, taxpayers will own 92.8% of the bank, Ireland's Department of Finance said in a statement.
"This capital is essential to allow AIB to fulfill its role in supporting the Irish economy," said Finance Minister Brian Lenihan.
According to the wire service, the court also ordered Allied Irish Banks to delist its shares on the Irish Stock Exchange and the London Stock Exchange.