Allied Irish Banks (AIB)

[mlkrborn]

AIB & BoI borrowed $10 billion from US Fed

Updated: 17:40, Monday, 22 August 2011

AIB and Bank of Ireland borrowed over $10 billion in emergency funding from the US Federal Reserve, new data show.
1 of 1 US Federal Reserve - $10 billion for two Irish banks in 2009 and 2010
US Federal Reserve - $10 billion for two Irish banks in 2009 and 2010
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Ireland's two main banks borrowed over $10 billion in emergency funding from the US Federal Reserve, according to data compiled by the Bloomberg news agency.

AIB borrowed $9.4 billion while Bank of Ireland borrowed $2.1 billion. The money was lent out in 2009 and 2010 as the US authorities attempted to avert a financial meltdown.

The figures are contained in documents obtained under the US Freedom of Information act.

They show that the Federal Reserve provided $1.2 trillion to US and European banks over the period, amid concerns that inter-bank lending was drying up.