Anglo Irish Bank Corp.
| 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:
- Bayerische Hypo-Und Vereinsbank - loan portfilio acquired in June 1999
- Smurfit Paribas Bank Limited ("SPB") acquired in March 1999
- Credit Lyonnais (Austria) A.G. ("CLA") acquisition completed in September 1998
- Ansbacher Bankers Limited acquisition completed in March 1996
- Allied Dunbar - Loan Book acquired in December 1995
- Anglo Irish Bank (Austria) A.G. acquired from the Royal Bank of Canada in January 1995
Products and Services[edit]
Key People[edit]
- Donal O'Connor, chairman
- Frank Daly, director
- Alan Dukes, director
- Noël Harwerth, director
- Anne Heraty, director
- Michael D. Jacob, director
- William A. McAteer, director
- Gary McGann, director
- Ned Sullivan, director
- Declan Quilligan, director
- Pat Whelan, director
References[edit]
- ↑ Anglo Irish Bank Corporation plc. Hoovers.
- ↑ Anglo Irish Bank Corporation plc. Anglo Irish Bank.
- ↑ Anglo Irish Stock At New Low AP Financial News. Anglo Irish Bank.
- ↑ Spire Mired In Irish Bank Crisis. Chicago Sun-Times.