The Irish High Court has paved the way for the wind down of Anglo Irish Bank and Irish Nationwide Building Society to begin by approving a transfer of €12.2 billion ($16.78 billion) in deposits to other lenders. AIB will receive €8.6 billion ($11.83 billion) of Anglo’s deposits, and Irish Life and Permanent will take €3.6 billion ($4.95 billion) from Nationwide. The wind-down of the two nationalized institutions was a condition of bailout by European Union and International Monetary Fund.

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