Anglo Irish Bank Corp.

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Anglo Irish Bank Corp.
Headquarters Dublin, Ireland
Key People Donal O'Connor, Chairman
Employees 1,323 as of 2005[1]
Website www.angloirishbank.com

Anglo Irish Bank Corp. plc is a business bank with a private banking arm. It provides business banking, Treasury and wealth management services.[2]

The bank's stock soared for more than a decade on the back of an unprecedented economic boom fueled by foreign investment and home-grown enthusiasm for construction and property. Anglo's shares, however, lost nearly 98 percent of their value from a 2007 peak - and fell a further 18.5 percent by December of 2008 to euro0.15 ($0.21), their lowest level since the bank joined the Irish Stock Exchange in 1971.

The government in December of 2008 unveiled an emergency plan to prevent the bank's collapse amid bad debts and lost reputation - and wider fears that a failed Anglo could trigger a domino effect in Ireland's financial sector. Finance Minister Brian Lenihan said the government would buy euro1.5 billion in new-issue Anglo stock, effectively nationalizing the bank because the government would gain a 75 percent stake.

Previous Chairman Sean FitzPatrick quit in December of 2008 after investigators discovered he had been hiding from shareholders his own personal loans from the bank totaling euro87 million. International commentators questioned whether such lax ethical practices were widespread in the bank's property-exposed loan book.

The bank's new chairman, Donal O'Connor, announced an extraordinary general meeting Jan. 16 of 2009 to approve the government intervention - and urged shareholders in a letter to accept the government's terms even though their own stock would be heavily diluted.[3]

Work was halted on the Chicago Spire in late December of 2008. Anglo Irish Bank Corp. had served as the lender for the development of the 150-story tower, and it was uncertain whether money could be raised from the bank given its troubled stance.[4]


History[edit]

The growth of Anglo Irish Bank has been achieved organically and by acquisitions. Acquisitions have included:

Products and Services[edit]

Key People[edit]

References[edit]