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MONDAY, NOVEMBER 23, 2009
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Ireland Buys 75% of Troubled Lender in Banks Bailout

Anglo Irish goes into taxpayers' hands after scandal

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(Newser) – Ireland became the latest nation to partially nationalize struggling banks last night, buying 75% of the deeply troubled Anglo Irish Bank and bailing out others, reports the Financial Times. The bank, whose shares had already dropped 95% from bad mortgage debts, suffered a further blow last week when its CEO and chairman resigned in a personal loan scandal. Banking shares soared today on news of the $7.7 billion government recapitalization package, with Anglo Irish's share price jumping 17%.

The Irish government unveiled a $7.7 billion bank recapitalization package last night that includes taxpayer acquiring 75% of Anglo Irish.
The Irish government unveiled a $7.7 billion bank recapitalization package last night that includes taxpayer acquiring 75% of Anglo Irish.   (©DavidDennisPhotos.com)
Sean Fitzpatrick, chairman of Ireland's embattled Anglo Irish Bank Corp., resigned after investigators discovered he hid from shareholders $125 million in personal loans from the bank.
Sean Fitzpatrick, chairman of Ireland's embattled Anglo Irish Bank Corp., resigned after investigators discovered he hid from shareholders $125 million in personal loans from the bank.   (AP Photo/Anglo Irish Bank via PA, Arnold Bell)
The Irish government unveiled a $7.7 billion bank recapitalization package last night that includes taxpayers acquiring 75% of troubled lender Anglo Irish.
The Irish government unveiled a $7.7 billion bank recapitalization package last night that includes taxpayers acquiring 75% of troubled lender Anglo Irish.   (©AlmazUK)
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Ireland • mortgage debt • banking • Irish economy • rescue package • recapitalization • Anglo Irish

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