Business Anglo Tapes

Sunday 21 September 2014

Anglo Irish Bank: Timeline

Published 17/07/2014 | 02:30

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1964 Anglo Irish Bank founded – value €127,000

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1971 Anglo Irish listed on the stock exchange

1980 Sean FitzPatrick appointed managing director of the bank

1988 Expansion into UK

2000/2004 Anglo's value grows from €600m to €6bn

2005 David Drumm takes over as chief executive of Anglo Irish Bank

2007

Sean Quinn Snr. Picture: GERRY MOONEY
Sean Quinn Snr. Picture: GERRY MOONEY
Former Anglo Irish Bank executives Pat Whelan, left and William McAteer
Former Anglo Irish Bank executives Pat Whelan, left and William McAteer

January: Anglo Irish Bank named "best bank in the world" by consultants Oliver Wyman

May: Shares peak at more than €17 each, valuing the bank at €13bn

September 11: Sean Quinn's stake in the bank is revealed to be 24pc

September 14: UK bank Northern Rock suffers "bank run" as panicky savers pull out cash

October 31: Anglo Irish Bank raises €2bn in so-called covered bond

November: €150m in "working capital" is advanced by Anglo to Quinn Group to help cover Sean Quinn's Anglo Irish Bank shares losses

November 28: Anglo Irish Bank reported record profits of €1.24bn

2008

January 22: Anglo Tapes: David Drumm says he's considering burning bondholders by buying out the bank's debt at 60 cents to 70 cents in the euro

February 22: Northern Rock nationalised by UK government

March 17: "St Patrick's Day massacre" sees shares in Anglo Irish bank fall 30pc. Shares continue to fall over the coming months while lending to Quinn Group rises

July 14: Maple 10 deal executed. Anglo Irish Bank illegally loaned 10 customers €45m each so they could buy part of Sean Quinn's stake in the bank. Another €169m is lent to Mr Quinn's wife Patricia and five adult children to buy the remaining stock

September 15: US bank Lehman Brothers collapses, filing for bankruptcy in New York and causing turmoil in the global financial system

September 17: Anglo Irish Bank executives meet Central Bank officials. Anglo wants €7bn emergency loan

September 29: The Bank Guarantee. Irish Government takes an overnight decision to guarantee the banking system. This guarantee covers customer deposits and the banks' own borrowings to a total of €440bn

December 3: Anglo Irish Bank's annual results say the bank is profitable and solvent

December 19: David Drumm resigns

December 21: Government says it will pump €1.5bn into Anglo and shares fall to just 12 cents

2009

January: Anglo Irish Bank formally nationalised

January: Sean Quinn says he has lost €1bn on Anglo shares

February: Government injects €7bn into Bank of Ireland and Allied Irish

April: National Asset Management Agency (NAMA) to be set up to take over bad bank assets

May: Government injects a further €4bn into Anglo Irish Bank

March 31: Anglo Irish Bank reports €12.7bn loss – it is the biggest corporate losses in Irish history

September 30: Central Bank says that Anglo Irish Bank bailout could ultimately cost €34bn

2013

February: Anglo Irish Bank, now in IBRC, is placed into liquidation.

2014

April 17: Former executives Willie McAteer and Pat Whelan found guilty of 10 counts of illegal lending to the Maple 10, and not guilty of giving illegal loans to six members of the Quinn family.

April 25: Liquidators of IBRC say they will raise more than €12.9bn from the sale of its assets.

Irish Independent

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