Ireland’s government is to take over the full ownership of the troubled Anglo Irish bank. It is the first nationalisation of its kind in the country’s history.
The State had already agreed to take control of 75 percent of the institution in a 1.5 billion euro recapitalisation programme. But it has now been realised that the bank’s funding position is weaker than first thought and its reputation damaged as a result of a recent scandal. Anglo Irish chairman Sean FitzPatrick and its chief executive both resigned along with several board members after it emerged that FitzPatrick had concealed details of an 87-million euro loan he took from the bank.