Sunday 19 November 2017

Anglo Tapes: The key days

John Bowe
John Bowe

2007

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

May: Anglo Irish Bank shares peak at more than €17 each, valuing the bank at €13bn

September 11: Sean Quinn's stake in bank is revealed to be 24pc

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: ANGLO TAPES John Bowe and Declan Quilligan discuss poor state of the bank

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

2008

22 February: Northern Rock nationalised by UK government

March 17: "St Patrick's Day massacre" sees shares in Anglo Irish and other banks plunge. Shares continue to fall over the coming months

September 15: Lehman Brothers goes bankrupt in the US.

Nervous savers start withdrawing billions of euro from Ireland's banks

September 17: Bank of Ireland alarms investors with bleak trading statement.

September 17: Anglo Irish Bank executives meet Central Bank officials. Anglo wants €7bn emergency loan

September 18: ANGLO TAPES John Bowe and Peter Fitzgerald's shocking taped phone conversation

September 19: ANGLO TAPES David Drumm tells John Bowe he will go to the Central Bank with arms swinging

September 30: Government announces €400bn blanket guarantee for banks, putting taxpayers on the hook for Anglo losses

October 2: ANGLO TAPES David Drumm and John Bowe mock German and UK reaction to the bank guarantee

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

December 15: ANGLO TAPES David Drumm tells John Bowe to prepare bond buyback and hits out at Merrill Lynch

December 19: David Drumm resigns

December 21: Government says it will pump €1.5bn into Anglo and shares fall to just 12 cent each

2009

January: Anglo Irish Bank formally nationalised.

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

February: Government injects €7bn into Bank of Ireland and Allied Irish

April: National Asset Management Agency (NAMA) to be set up to take over bad bank assets

May: Government injects further €4bn into Anglo

September: Australian Mike Aynsley brought in to run the bank.

Irish Independent

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