Ireland nationalizes Anglo Irish Bank

[Doctor Cynic]

Source: Reuters

DUBLIN (Reuters) - Ireland's government nationalized Anglo Irish Bank (ANGL.I) on Thursday in a drastic step to prevent a possible collapse that could have undermined the sector and crippled the country's finances.

The stock market value of Ireland's No. 3 bank has gone into freefall since a loans scandal last month, and the government said full state control would ensure that the lender's 80 billion euros ($105.2 billion) worth of deposits would be secure.

Shareholders had been due to vote on Friday on a scheduled injection of 1.5 billion euros, and earlier on Thursday a newspaper report said a new chief executive was about to be appointed. Separately, ratings agency Fitch downgraded ratings for five institutions including Anglo Irish.

"We cannot afford the risk of any default in honoring the deposits, that is fundamental," Finance Minister Brian Lenihan said in a late-night news conference.

Read more: http://uk.reuters.com/article/gc06/idUKTRE50E8K620090115

[midnight]

1. Isn't that what we should do instead of bailing them out?

[redqueen]

5. Good question.

K&R for answers.

[CountAllVotes]

2. I attempted to open a bank acct. at this bank

and they harassed me to the point of no return. I went to the Bank of Ireland instead where I was treated courteously and opted to open the acct. with them instead. No big deal - only 5 EU.

I'm not surprised that these crooks got caught. They are damn lucky they are getting bailed out and not thrown in jail!

Erin go braugh!!

:dem: :kick:

[xchrom]

3. recommend

[mackerel]

4. I'm surprised it took this long.

Good luck to the auld sod.