Wednesday 21 March 2018

State rescue was only a temporary absolution

Daniel McConnell tells how Anglo's demise spurred the highly questionable State bank guarantee in autumn 2008

IN May 2007, following years of remarkable success, Anglo Irish -- the rule-bending, buccaneering bank led by Sean FitzPatrick -- was riding high. With record profits year after year, its share price peaked at €17.31. But the glory would be short-lived.

Behind the haze of success, champagne, luxury cars and golf outings, there was mounting talk that Anglo Irish was far too exposed to the ailing property market.

Such rumours gathered pace, and Anglo's share price began to tumble. By January 2008, the share price had fallen below €15. But far worse was to come.

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