Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of troubled Allied Irish Banks (NYSE: AIB) dipped as much as 23% on heavier-than-normal volume today.

So what: We'll now be able to refer to Allied Irish as "government-owned Allied Irish Banks." Ireland's finance minister announced plans that will effectively nationalize Allied Irish, bringing the government's stake to just under 93%. The bank needed another $4.9 billion to bring its Tier 1 capital to 8%, and the government obliged it by providing exactly that much.

Now what: The capital issues aren't quite over yet for Allied Irish. The bank will need another $8 billion in additional capital by February to meet new Irish Financial Services Regulatory Authority targets. Will it be able to raise it on its own and keep part of the bank in private shareholders' hand? Could be. But as I've mentioned a number of times, in the scramble to allay bond investors' concerns, I don't think equity shareholders are paid much mind in this situation. At this point, it almost seems tough to even call this a gamble.

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Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy assures you no Wookiees were harmed in the making of this article.