The Associated Press August 26, 2011, 1:15PM ET

Allied Irish Banks US shares delisted from NYSE

Allied Irish Banks PLC is not longer trading on the New York Stock Exchange.

The debt-hit Irish institution was one of the banks at the center of the financial crisis that pushed the country to the brink of insolvency.

Allied Irish Banks absorbed billions in taxpayer cash to cover its losses during economic meltdown.

The company said Friday plans to terminate is American Depositary Shares facility by terminating a deposit agreement with the Bank of New York Mellon. Until the agreement is terminated, the American Depositary Shares will trade over-the-counter.

The company said earlier this month that it would delist and terminate the shares because the Irish government has taken a larger stake in the company, and because the delisting and termination would reduce costs. Ordinary shares of Allied Irish banks will continue to trade on the Enterprise Stock Market of the Irish Stock Exchange.

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