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Ireland's gov't to nationalize Anglo-Irish

Ireland's gov't to nationalize Anglo-Irish

Ireland's government moved Thursday to take over Anglo Irish Bank, saying its earlier plan to inject money into the troubled lender was not enough to secure its future.
Ireland's Department of Finance said the bank's funding position had been weakened and that unacceptable practices _ including a recent loan controversy _ had caused serious damage to its reputation. A recapitalization program planned earlier is no longer sufficient, the department said in a statement.
"Therefore, the government must move to the final and decisive step of public ownership," the statement said.
The specialist commercial lender is considered the ultimate boom-and-bust story of Ireland's Celtic Tiger years.
The bank had soared for more than a decade together with Ireland's unprecedented economic boom, fueled by foreign investment and local enthusiasm for construction and property.
But the lender ran into trouble as the economic downturn intensified. By the end of last year, Anglo's shares had lost nearly 98 percent of their value from a 2007 peak.
Ireland's government had planned to inject


Updated : 2021-03-06 20:07 GMT+08:00