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Forumer storico
By Peter Chapman and Joe Brennan
Sept. 6 (Bloomberg) -- Irish Finance Minister Brian Lenihan
will discuss Anglo Irish Bank Corp. at a meeting today in
Brussels with Joaquin Almunia, the European Union’s antitrust
commissioner, said Amelia Torres, a spokesman for Almunia.
The Irish government has injected 22.9 billion euros ($29.5
billion) into Anglo Irish since the lender’s nationalization in
January 2009. The government took over the bank as its bad debts
mounted after the collapse Ireland’s decade-long real estate
boom. Lenihan said on Aug. 31 he expects the EU to deliver a
decision on Anglo Irish’s restructuring in a “matter of
weeks.”
Ireland has evaluated five scenarios for the European
Commission. They are: a 12-month liquidation of the bank; a 10-
year wind-down; a 20-year wind-down; a stabilization and
continuation of the lender; a split and wind-down of at least 80
percent of the bank and the creation of a new viable group from
the remaining good loans.
Anglo Irish’s new management team, led by Chief Executive
Officer Mike Aynsley, has proposed the fifth option, splitting
the lender into a so-called good bank, which would keep lending,
and a bad bank, which would manage the problem loans. Lenihan
has ruled out an immediate liquidation of Anglo Irish.
For Related News and Information:
Top financial stories: FTOP <GO>
Government relief programs: GGRP <GO>
News on Ireland’s bad bank: NI NAMA <GO>
--Editors: Steve Bailey, Dylan Griffiths.
To contact the reporters on this story:
Peter Chapman at +322-285-4318 or [email protected];
Joe Brennan at +353-1-523-9522 or [email protected]
To contact the editor responsible for this story:
Edward Evans at +44-207-073-3190 or
[email protected]
Sept. 6 (Bloomberg) -- Irish Finance Minister Brian Lenihan
will discuss Anglo Irish Bank Corp. at a meeting today in
Brussels with Joaquin Almunia, the European Union’s antitrust
commissioner, said Amelia Torres, a spokesman for Almunia.
The Irish government has injected 22.9 billion euros ($29.5
billion) into Anglo Irish since the lender’s nationalization in
January 2009. The government took over the bank as its bad debts
mounted after the collapse Ireland’s decade-long real estate
boom. Lenihan said on Aug. 31 he expects the EU to deliver a
decision on Anglo Irish’s restructuring in a “matter of
weeks.”
Ireland has evaluated five scenarios for the European
Commission. They are: a 12-month liquidation of the bank; a 10-
year wind-down; a 20-year wind-down; a stabilization and
continuation of the lender; a split and wind-down of at least 80
percent of the bank and the creation of a new viable group from
the remaining good loans.
Anglo Irish’s new management team, led by Chief Executive
Officer Mike Aynsley, has proposed the fifth option, splitting
the lender into a so-called good bank, which would keep lending,
and a bad bank, which would manage the problem loans. Lenihan
has ruled out an immediate liquidation of Anglo Irish.
For Related News and Information:
Top financial stories: FTOP <GO>
Government relief programs: GGRP <GO>
News on Ireland’s bad bank: NI NAMA <GO>
--Editors: Steve Bailey, Dylan Griffiths.
To contact the reporters on this story:
Peter Chapman at +322-285-4318 or [email protected];
Joe Brennan at +353-1-523-9522 or [email protected]
To contact the editor responsible for this story:
Edward Evans at +44-207-073-3190 or
[email protected]
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