Ireland Buys 75% of Troubled Lender in Banks Bailout

Anglo Irish goes into taxpayers' hands after scandal
By Jason Farago,  Newser Staff
Posted Dec 22, 2008 4:33 AM CST
Ireland Buys 75% of Troubled Lender in Banks Bailout
The Irish government unveiled a $7.7 billion bank recapitalization package last night that includes taxpayer acquiring 75% of Anglo Irish.   (©DavidDennisPhotos.com)

Ireland became the latest nation to partially nationalize struggling banks last night, buying 75% of the deeply troubled Anglo Irish Bank and bailing out others, reports the Financial Times. The bank, whose shares had already dropped 95% from bad mortgage debts, suffered a further blow last week when its CEO and chairman resigned in a personal loan scandal. Banking shares soared today on news of the $7.7 billion government recapitalization package, with Anglo Irish's share price jumping 17%.
(More Ireland stories.)

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