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Anglo latest announcement

the_dark_side · 2009-05-29 13:06:36

Friday May 29 2009 "Anglo Irish Bank has announced massive pre-tax losses of €4.1bn for the six months to the end of March this year. The bank - which is owned by the Irish taxpayer after being nationalised in January - says the losses are primarily driven by bad loan charges of €3.7bn. Finance Minister Brian Lenihan has…

29-05-2009 1:06pm

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the_dark_side

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Join Date: March 2009

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Friday May 29 2009

"Anglo Irish Bank has announced massive pre-tax losses of €4.1bn for the six months to the end of March this year.
The bank - which is owned by the Irish taxpayer after being nationalised in January - says the losses are primarily driven by bad loan charges of €3.7bn.
Finance Minister Brian Lenihan has responded to the results by announcing that the Government has agreed to inject up to €4bn of taxpayers' money into the institution, subject to EU approval.
Mr Lenihan says the results are extremely disappointing, but Anglo's full and frank disclosure of the problems it faces is an important step."

Mr. Lenihan also used the word systemic when refering to the implications of this latest news. How serious is this news and what will this mean to the average person?

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