Monday 21 May 2018

Anglo wanted to buy troubled lender days before guarantee

Anglo Irish Bank wanted to buy a troubled lender 10 days before the Government`s dramatic move to guarantee all deposits in six Irish banks, it was revealed today.

The state-owned finance house claimed it was on a sound enough footing to rescue Irish Nationwide a week before the blanket €440bn protection.

The top civil servant at the Department of Finance, Kevin Cardiff, said former Anglo chief David Drumm gave a presentation to the Government on the takeover plan. The claims were treated with scepticism.

Mr Cardiff told an Oireachtas inquiry the finance house - nationalised four months after the guarantee - was presenting a very optimistic position in the September 2008 briefing.

The senior official, being questioned by the Dail's Public Accounts Committee, accepted the stance of the bank was outrageous.

"And it wasn't the only outrageous thing they did," he said.

Press Association

Business Newsletter

Read the leading stories from the world of Business.

Also in Business