Thursday, 15 January 2009

Another bank nationalisation

Anglo Irish this time, from the Beeb:

Anglo Irish Bank is nationalised

The Irish Government has said it is to nationalise the Anglo Irish Bank.
The state had planned on pumping 1.5bn euros (£1.4bn) into the bank, but decided that recapitalisation was not the way to secure its future.
Ministers had been due to hand over the money in return for 75% shares with an annual fixed dividend being paid to the government of 10%.
A lack of liquidity has made it increasingly difficult for the banks to lend money to their customers.
The Bank of Ireland and the Allied Irish Bank are still set to get help.

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