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Anglo Irish on the brink of liquidation Anglo Irish on the brink of liquidation
(about 14 hours later)
The Irish government was on Wednesday night pushing through legislation in parliament to liquidate the debt-ridden, now nationalised Anglo Irish Bank.The Irish government was on Wednesday night pushing through legislation in parliament to liquidate the debt-ridden, now nationalised Anglo Irish Bank.
The dramatic move is to prevent the Republic from having to pay a €3.1bn promissory note (an IOU), to Anglo Irish Bank bondholders due at the end of the month. It will ease the huge debt burden on the Dublin government. The dramatic move is to prevent the Republic from having to pay a €3.1bn promissory note (an IOU), to Anglo Irish Bank bondholders due at the end of next month. It will ease the huge debt burden on the Dublin government.
Anglo's €28bn promissory note would be replaced by sovereign debt that may not need to be repaid for decades. The liabilities and assets of the failed bank would be transferred to the Irish central bank, with outstanding loans going to National Asset Management Agency (Nama) – the Irish state bad bank.Anglo's €28bn promissory note would be replaced by sovereign debt that may not need to be repaid for decades. The liabilities and assets of the failed bank would be transferred to the Irish central bank, with outstanding loans going to National Asset Management Agency (Nama) – the Irish state bad bank.
On Wednesday night the chairman of what remains of Anglo Irish, now known as the Irish Bank Resolution Corporation, was reported to have said: "The board is liquidated as of now, the functions of the board are being taken over by [accountants] KPMG."On Wednesday night the chairman of what remains of Anglo Irish, now known as the Irish Bank Resolution Corporation, was reported to have said: "The board is liquidated as of now, the functions of the board are being taken over by [accountants] KPMG."
Ireland's prime minister Enda Kenny and finance minister Michael Noonan have been seeking a deal in the EU that would reduce the massive costs of shoring up the now bust bank, which had to be taken under state control.Ireland's prime minister Enda Kenny and finance minister Michael Noonan have been seeking a deal in the EU that would reduce the massive costs of shoring up the now bust bank, which had to be taken under state control.
The Fine Gael-Labour coalition has staked its fiscal reputation on the ability to drive down the cost of saving banks such as Anglo Irish by seeking the support of fellow Europeans.The Fine Gael-Labour coalition has staked its fiscal reputation on the ability to drive down the cost of saving banks such as Anglo Irish by seeking the support of fellow Europeans.
Anglo Irish was the bank that helped to almost bankrupt the Republic. Top banking executives at Anglo Irish are under criminal investigation for allegedly using the bank's assets to lend billions of euros to property speculators and business figures gambling on the global property market. The bank's former chief executive, Sean FitzPatrick, together with former finance director Willie McAteer and former managing director Pat Whelan, have all been charged with unlawfully helping a group of Irish millionaire businessmen buy shares in the bank. The investors include the Republic's one-time richest man, Sean Quinn, and his family.Anglo Irish was the bank that helped to almost bankrupt the Republic. Top banking executives at Anglo Irish are under criminal investigation for allegedly using the bank's assets to lend billions of euros to property speculators and business figures gambling on the global property market. The bank's former chief executive, Sean FitzPatrick, together with former finance director Willie McAteer and former managing director Pat Whelan, have all been charged with unlawfully helping a group of Irish millionaire businessmen buy shares in the bank. The investors include the Republic's one-time richest man, Sean Quinn, and his family.
FitzPatrick left the bank at the height of the banking crisis in 2008 and was declared bankrupt in July 2010.FitzPatrick left the bank at the height of the banking crisis in 2008 and was declared bankrupt in July 2010.
Emergency legislation was scheduled to pass through both houses of the parliament last night and if the European Central Bank in Frankfurt agrees to the proposal, Ireland's Central Bank will take over the balance sheet of IBRC under the new deal. Both houses of the parliament in Dublin had been put on stand-by to debate the expected emergency law.Emergency legislation was scheduled to pass through both houses of the parliament last night and if the European Central Bank in Frankfurt agrees to the proposal, Ireland's Central Bank will take over the balance sheet of IBRC under the new deal. Both houses of the parliament in Dublin had been put on stand-by to debate the expected emergency law.
The move to kill off Anglo Irish will prompt questions as to why successive governments didn't liquidate the bank when it collapsed and had to nationalised three years ago.The move to kill off Anglo Irish will prompt questions as to why successive governments didn't liquidate the bank when it collapsed and had to nationalised three years ago.
It was the dire state of Ireland's banking system that forced the country to call in the IMF and its eurozone partners for a €90bn three-year loan in November 2010. The UK also contributed cash as Ireland is such a key trading partner. Ireland has since had six austerity budgets as it struggles to balance its books.It was the dire state of Ireland's banking system that forced the country to call in the IMF and its eurozone partners for a €90bn three-year loan in November 2010. The UK also contributed cash as Ireland is such a key trading partner. Ireland has since had six austerity budgets as it struggles to balance its books.
In the latest budget in December 2012 a controversial new property tax was introduced and child benefit was cut.In the latest budget in December 2012 a controversial new property tax was introduced and child benefit was cut.