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Wed 03 Mar 2010State moves into position of taking control of main financial institutions
OVERVIEW:The enormous scale of the outlay involved in rescuing of the banks – through Nama and recapitalisation – is gradually becoming clearer, writes BARRY O'HALLORAN
THE STATE – or if you’d prefer, you the taxpayer – already owns one bank. As of yesterday, following an outlay of €21.8 billion, it is poised to take a majority stake in another, a minority holding in a third and will wind up with effective control of two building societies.
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