The European Commission has given final approval to AIB's restructuring plan.

The EU has attached a number of conditions on the bank's business between now and 2017. These include cost reductions and the banning of acquisitions.

A number of restructuring measures have already been taken by the bank, which has welcomed today's development.

Chief Executive David Duffy says they're focused on delivering their objectives, while supporting the Irish economy's ongoing recovery.

The European Commission approved Bank of Ireland's restructuring plan in 2010, with approval pending for Permanent TSB.