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Anglo suffer

BAILED out Anglo Irish Bank could lose the majority of a €15m investment in Icelandic bank Kaupthing due to a "process error".

Anglo Irish did not register a claim as a creditor of the bank in Iceland, which collapsed in October 2008. It's understood that a small percentage of the investment may be recovered if the appeal is successful but most of the original sum has been lost due to Kaupthing's bankruptcy.

The nationalised bank is appealing in a bid to reinstate its claim as a creditor, arguing that the claims process was unclear and has applied a book value of €600,000 to the bond.