independent

Monday 21 April 2014

Eye-watering losses of Anglo-Irish Bank

Here are some of the key events around the collapse and rescue of Anglo Irish Bank.

2007

May: Anglo Irish Bank's shares peak at more than €17 each.

2008

September 30: Amid international banking turmoil, the Government announces a €400bn guarantee scheme covering the country's six main banks, including Anglo.

December 18: Sean FitzPatrick resigns as chairman and admits he hid more than €80m in secret loans from shareholders.

December 21: Government recapitalises Anglo with €1.5bn.

December 29: Anglo shares plummet to just 12c.

2009

January 15: The Government is forced to nationalise Anglo.

January 30: One-time billionaire Sean Quinn reveals his family has lost €1bn on risky Anglo stock deals - the figure subsequently rises to €2.8bn.

February 10: Irish Life & Permanent confirms it deposited €7bn in Anglo in September 2008 to boost the balance sheet, forcing IL&P's chief executive and two directors to resign.

February 20: Anglo's annual report shows it lent €451m to 10 big customers to buy shares in the bank.

A PricewaterhouseCoopers report finds Anglo has 15 customers who owe the bank more than €500m each.

February 24: Anglo HQ in central Dublin is raided by the fraud squad and white collar crime investigators to seize documents and computers.

2010

March 18: Fraud squad detectives arrest FitzPatrick over the fraud investigation and release him without charge.

March 31: Anglo reports the biggest corporate losses in Irish history - €12.7bn.

July 12: "Seanie" FitzPatrick is declared bankrupt in the High Court.

August 31: Anglo's record losses soar to new heights - €8.2bn for the six months to June 2010.

September 30: The Central Bank says the Anglo bail-out could ultimately cost citizens €34bn.



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