Friday 18 August 2017

Answers needed on Anglo future

ON the day that was christened Black Tuesday by the headline writers, when the enormous scale of the financial crisis was revealed to the Irish public, the Minister for Finance made a statement which today looks particularly significant.

Having revealed that the State was about to inject €8.3bn into the failed Anglo Irish Bank, with another €10bn to follow, Brian Lenihan insisted that he did not have "a preferred option" for the future of the bank, other than protecting the interests of the taxpayer.

The Government would only submit its preferred plan to Brussels after all options for the bank's future had been analysed, he said, including immediate liquidation, wind-down over a period of time, a split between a good bank and an asset management company, and maintaining the bank in its current form as a going concern. No details of the costings would be revealed, he said, but the EU would publish all the relevant information in due course.

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