Anglo Irish Bank
The company Anglo Irish Bank Corporation Ltd.. ( Irish: Banc Angla - Éireannach ) was a Bank of Ireland, which was listed by January 2009 the Dublin and London Stock Exchange. The company had its headquarters in Dublin and offices in Dusseldorf, Austria, the UK, U.S. and around the Isle of Man.
History
The bank was founded in 1964 as Dublin City Bank; In 1971 she was brought to the stock market. The renaming in Anglo Irish Bank took place in 1986. Since the Anglo Irish Bank ( AIB) last had a very large credit portfolio in the construction sector ( home purchase and construction loans), it was particularly hard by the cooling of the Irish housing market ( a housing bubble burst ) in 2008 affected ( details here).
The AIB was nationalized on 21 January 2009 due to the global financial crisis, with the entry into force of the so-called Anglo Irish Bank Corporation Act 2009 by the Irish Government.
In order to maintain the financial stability of the AIB, the government in Dublin had provided a capital injection in the amount of four billion euros and requests the EU Commission on 15 June 2009. On 26 June, the European Commission agreed, partly because the AIB is of considerable importance for the Irish financial market.
In March 2010, the now nationalized bank announced a loss of € 12.7 billion for the fiscal year 2009. Loans in the amount of 23 billion euros should be transferred to the National Asset Management Agency at a discount of 43 percent. In September 2010 it was announced that the bank will be split. The entire credit business should a bad bank transfer, while the other bank should only worry about the deposit business. The central objective of this measure to minimize the costs for the Irish state was named.
For fiscal year 2010, AIB had a loss of 17.7 billion euros announce the highest ever loss of an Irish company ever.
Resolution
On 8 February 2011 it was announced that Ireland is Anglo Irish Bank and Irish Nationwide Bank to handle. The deposits of the Anglo Irish Bank were transferred by order of the Irish Department of Finance on 24 February 2011 to Allied Irish Banks.
The merger of Anglo Irish Corporation with the Irish Nationwide Building Society ( INBS ) was completed in July 2011, the company renamed Irish Bank Resolution Corporation. The EU Commission approved the settlement of the merged remnant Bank, which should be completed within 10 years.
The state guarantees for controlled dissolution of the Anglo - Irish Bank cost the Irish taxpayer € 30 billion. In consequence of the Irish banking crisis, the national debt of Ireland rose rapidly from 25 % of GNP in 2007 to 118% in 2012, and Ireland had to apply for an aid package from the European Union and the International Monetary Fund.
Telephone recordings
On 24 June 2013, the Irish Independent recordings published internal phone calls in the boardroom of the Anglo Irish Bank from September 2008 in the face of the banking crisis, in which the banker entertain themselves and on strategies for deception by governments and central banks over the passing of the losses to taxpayers amuse. In conversation, the two bankers talk about the fact that one had to conceal the true extent of the problems of Anglo - Irish Bank, to bring the Irish government to use taxpayers' money to rescue the bank:
"The strategy here is you pull them in, you get them to write a big Cheque, and theyhave to support did you [ ... ] If They saw the enormity of it up front [ ... ] They Might say the cost to tax payers is too high [ ... ] if it looks big enough to be important, but not too big did it spoils everything, then I think you have a chance. "
"The strategy here is to draw them to get them to fill out a big check, and then they have the cash flow maintained [ ... ] when they are about to see from the beginning, the enormity of it perhaps may say that this is too expensive for taxpayers will [ ... ] if it looks big enough to seem important, but not so large that it ruined all the same, then I think you have a chance. "
When in the course of the conversation turns out that these state funds " to bridge " ( bridging) are intended, both bankers spontaneously break into laughter. In the Irish public and in addition there were angry and outraged reactions at the announcement of the sound recordings.