Anglo fails to register €15m claim against bankrupt Icelandic bank
An error by Anglo Irish Bank has led to the bank failing to register a claim for €15m against the failed Icelandic bank Kaupthing, the Irish Independent has learned.
Anglo, nationalised in January 2009, was a senior bondholder with Kaupthing and is among thousands of creditors looking to recover some value from its investment in the bank.
It is understood that a "process error" meant the bank did not make a final deadline for staking a claim and chief executive Mike Aynsley is believed to be angry about the situation.
Anglo is nominally owed €15m by the Icelandic bank, although there was no certainty it would have recovered the full amount. But the bank was unsuccessful in registering its claim due to an error and is now appealing, claiming the rules for submitting claims were unclear.
It is understood Anglo had originally made a claim but was required to resubmit this claim and failed to do so.
If the appeal is successful, the bank will be able to claim a percentage of the original amount. Anglo has written down the value of the bonds in its books to about €600,000.
Kaupthing, based in Reykjavik, was a victim of the Iceland banking crisis of 2008 and ended up being declared bankrupt, causing huge losses for those holding securities in the bank.
It was at its peak the largest bank in Iceland and was the seventh-largest Nordic bank.
Anglo itself is presenting its half-year results next week and is expected to unveil further large losses, although not on the scale of its last financial results.
The movement of its loans to NAMA will be the chief factor in the results, to be unveiled by Mr Aynsley and other senior directors.
Kaupthing is currently run by a resolution committee. The role of the committee is to safeguard the value of the bank's assets and to maximise the recovery of claims on behalf of creditors. The resolution committee holds the powers of the board of directors.