So it has tied up with Allied Irish Bank (AIB), Ireland's largest.

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Those loans had originally been advanced to Kennedy Group companies by Bank of Ireland, AIB and Anglo Irish.

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The Irish government nationalised AIB's rival Anglo Irish Bank in January this year after concerns it could collapse.

BBC: Profits hit at Allied Irish Banks

However, the government opted to keep AIB as a quoted company, but the bank is set to receive a 3.5bn-euro capital injection from the state.

BBC: Profits hit at Allied Irish Banks