Allied Irish Bank (AIB) Rallies 17%

Allied Irish Bank (AIB) advanced 17% today on news that the government injected 2 to 3 billion euro dollars into the bank. This is good news for the banking giant since the company needs to find over $7 billion dollars in new capital. Irish regulatory agencies are giving Allied Irish until the end of the year to raise $7.4 billion euro dollars. The company recently sold stakes in 2 banks to raise $3.1 billion euro dollars. Allied Irish is looking to unload its ownership stake in M&T Bank to raise capital. The new government capital will increase the government's ownership from its current level of 18.6%.