Summary Box: Ireland to split bailed-out Anglo Irish into ‘good’ bank, ‘bad’ bankBy AP
Wednesday, September 8, 2010
Summary Box: Ireland to split Anglo Irish Bank
SPLIT: Ireland plans to split its most troubled financial institution, Anglo Irish Bank, into a “good” deposit bank and a “bad” toxic-debt bank. The move comes as the nation seeks to reassure international lenders that it is dealing with the Irish debt crisis.
BAIL OUT: The government has already plowed nearly euro23 billion ($29 billion) into the specialist lender. Analysts warn that the bill could top euro35 billion — a fifth of Irish GDP.
STUNNING FAILURE: Anglo recorded more losses than any other bank worldwide in 2009 and appears on course to do the same this year.
Tags: Europe, Ireland, Western Europe