ISLAND OF THE DEAD
Sep 30th, 2010 by ec
Any Anglo failure would bring down the sovereign. It is systemically important not because of any intrinsic merit in the bank. But because of its size relative to the national balance sheet. No country could contemplate the failure of such an institution,” (Brian Lenihan, 29 September 2010)
The prospect of the Government taking majority control of the State’s largest bank, Allied Irish Banks (AIB) is almost inevitable as the bank needs to raise a further €2-€3 billion to cover higher expected losses.” (Irish Times, 30 September 2010)
Hours after it scraped by on a Dail vote and got a modest boost in the latest opinion poll, the Government revealed that it now estimates the final bill for Anglo will range between €29bn and €34bn. (Irish Independent, 30 September 2010)
