Irish Government takes control of Anglo Irish and injects €5.5bn into Banks
Dec 22, 2008 | Comments 0
The Irish government is injecting £5.13 billion (€5.5 billion) into the Bank of Ireland (ISE:BKIR), Allied Irish Bank (ISE:ALBK) and the Anglo Irish (PINK:AGCPF) in a bid to avoid a crisis, the government have already guaranteed the giants of the banking sector with €400 billion of savings and liabilities.
Both Allied Irish Bank and Bank of Ireland will get a €2 billion investment from the government, giving the state a 25 percent stake in both of the banks, whereas Anglo Irish Bank will receive €1.5 billion and will give the state a 75 percent voting right in the commercial lender.
The Irish Government has said that they will underwrite up to €1 billion that both Bank of Ireland and Allied Irish Banks intend to raise.
Finance Minister, Brian Lenihan announced eight days ago a €10 billion recapitalization plans for Irelands six main banks.
Source: Telegraph The Woodsman film
Filed Under: Business News