Tweet
Jan. 16 (Bloomberg) -- Anglo Irish Bank Corp. shares were suspended today after the government seized control in the wake of a scandal that forced the resignations of its chief executive officer and chairman.
Irish Finance Minister Brian Lenihan said late yesterday that a proposed 1.5 billion-euro ($1.97 billion) cash injection was no longer “appropriate” and that he was taking the “decisive step of public ownership.” Ireland led a surge in European government bond risk after the announcement.
The nationalization adds Anglo Irish to the list of banks now owned and part-owned by European governments in the wake of the financial crisis that dragged the global economy into recession.
Irish Finance Minister Brian Lenihan said late yesterday that a proposed 1.5 billion-euro ($1.97 billion) cash injection was no longer “appropriate” and that he was taking the “decisive step of public ownership.” Ireland led a surge in European government bond risk after the announcement.
The nationalization adds Anglo Irish to the list of banks now owned and part-owned by European governments in the wake of the financial crisis that dragged the global economy into recession.