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Ireland (11) -- News -- 2010
Ireland will nationalise the banks in crisis
31.03.2010
The Republic of Ireland faced the prospect last night of having most of its banking system nationalised amid growing speculation that the
Dublin Government would raise its stakes in both remaining private sector operators — Allied Irish Bank and Bank of Ireland.
Shares in both slid yesterday after a report that the Government’s stake in AIB would rise from 25 per cent to 70 per cent and its holding in BoI
would be lifted from 16 per cent to 40 per cent.
Ireland (11) -- Analyses -- 2010
More about the nationalisation
31.03.2010
Each bank will be offered less than originally expected for questionable loans and other toxic assets being transferred into the state-run “bad bank”,
the National Asset Management Agency, according to The Irish Times.
Those “haircuts”, bigger than anticipated, would erode capital and force the banks to tap the Government for fresh equity, analysts said.
The agency is due to issue a statement today about taking on ˆ54 billion (?48.5 billion) of the assets, while the Irish Government is also expected to
announce details of future capital requirements for the banks. The Government’s existing equity in the two banks was accepted in lieu of cash when they were
unable to pay interest on preference shares issued to the Government in return for a previous rescue.
With the Irish Nationwide and EBS building societies being merged and nationalised, and Anglo Irish Bank, the other large banking company, also nationalised,
most of the industry would be in the State’s hands.
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Bulgarian