BREAKING NEWS

BREAKING NEWS

Anglo-Irish Bank to be carved in two

Now Reading:

Anglo-Irish Bank to be carved in two

Text size Aa Aa

Details of the demise of Anglo-Irish Bank have been announced. It is to be split into two parts: an asset recovery bank and a funding bank. The asset unit will concentrate on existing loans and will eventually be sold off. The funding unit will focus purely on deposits and cease all new lending. The news comes a week after Anglo-Irish posted record 8.3 billion euro losses for the first half of the year.