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Ceturtdiena 19.07.2018 | Name days: Jautrīte, Kamila, Digna

Irish government to invest more in Allied and Anglo Irish banks

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The Irish government is about to the take majority control of Allied Irish banks and divert extra cash into Anglo Irish Bank, in order to avoid the financial crisis burden, reports Bloomberg.

The cost of saving the state banks may reach approximately 50 billion euro (35.1 billion lats), show The Irish Ministry of Finance and Dublin Central Bank data. Figures show the base case estimate is about 45 billion euro (31.6 billion lats). Allied Irish needs 3 billion euro (2.1 billion lats).

Up to now Ireland has channeled 22.9 billion euro (23.2 billion lats) into Anglo Irish Bank since January 2009, with an aim to help the bank recover its losses resulting from unsuccessful crediting.

The Irish bank has invested already 33 billion euro (23.2 billion lats) in banks and construction associations. Despite the fact that Anglo Irish still needs 6.4 billion euro (4.5 billion lats) from the capital. 5 billion (3.5 billion lats) of it are meant for covering unexpected loss. Construction associations might need 2.7 billion euro (1.9 billion lats) in the future.

«The big surprise is the increased capital number for Allied Irish,» told Merrion Capital analyst Sebastian Orsi. «The government could end up with over 90 percent of the group, subject to investor take-up of the planned stock sale to shareholders,» he informed.


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