Monday 16 September 2019

Anglo Irish Bank: Timeline

2007

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

February: Fears over US sub- prime mortgages briefly rattle markets and then fade.

June: Start of the "credit crunch" globally rocks big corporate debt and securitisation markets.

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

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

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

2008

January: US sub-prime mortgage crisis flares up and cash begins to drain away from riskier property backed assets globally.

January 22: In the Anglo tapes David Drumm says he may burn bondholders by buying the bank's debt at 60 cents to 70 cents in the euro.

February 22: Northern Rock nationalised by UK government.

March 17: US bank Bear Sterns rescued from the brink of collapse. "St Patrick's Day massacre" sees shares in Anglo Irish bank fall 30pc in a single day. Shares continue to fall over the coming months while lending to Quinn Group rises.

September 15: US bank Lehman Brothers collapses, filing for bankruptcy in New York, 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, covering customer deposits and banks' own borrowings to a total of €440bn.

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

2009

January: Anglo Irish Bank formally nationalised.

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

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

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

Irish Independent

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