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September 6, 2010

Ministers call time on Anglo Irish bank

by Gill Montia

Story link: Ministers call time on Anglo Irish bank

Anglo Irish Bank is to be “decommissioned”, Reuters has reported.

According to the news agency, the Irish Government is approaching the European Commission for permission to close the nationalised lender, after an appropriate period of winding down.

However, the bank’s chief executive, Mike Aynsley, told Ireland’s Sunday Business Post that ministers are taking the wrong course, suggesting that part of the bank should be preserved and continue trading under a new name.

The lender reported an €8.2 billion loss for the first six months of 2010, alongside loan impairment charges of €4.8 billion.

The result compares with a loss of €4.1 billion in the same period of 2009.

Former Anglo Irish chairman, Sean Fitzpatrick, resigned from the bank in December 2008, having admitted to temporarily transferring loans of €87 million with Anglo Irish to another bank, before the group’s financial year end.

Similar transfers had apparently occurred over the previous eight years, meaning that the loans did not appear in the bank’s annual accounts during the period.

Mr Fitzpatrick has since been declared bankrupt.

 

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