The European Commission’s College of Commissioners has given final approval under the state aid rules to Bank of Ireland’s restructuring plan.

Having assessed the State Aid and Bank of Ireland’s restructuring plan, the European Commission is satisfied that the aid measures and the restructuring plan are in line with the European Commission’s communications on state aid to the financial services industry and as such are compatible with EU rules on state aid.

The bank has committed to dispose of a number of businesses, including New Ireland Assurance Company plc, Bank of Ireland Asset Management Ltd. (BIAM) and ICS Building Society.