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September 29, 2010    

Anglo Irish Bank in fresh bailout

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by Kay Murchie
Anglo Irish Bank in fresh bailout

Anglo Irish Bank, is expected to receive €5 billion (£4.24 billion) from the Irish Government, in a fresh bailout for the troubled lender.

The news comes as investors have fresh worries over Ireland’s financial health.

Earlier this week, Anglo Irish had its debt rating slashed by credit agency Moody’s.

Moody’s cut the bank’s senior unsecured debt by three notches to Baa3 – just one notch above junk status.

It also downgraded Anglo Irish’s subordinated debt by six notches to Caa1.

The bank, which was nationalised in January 2009, was hit particularly hard during the financial crisis – as were other Irish banks.

The slump in the country’s property market resulted in a fall in the value of investments linked to the property market.

However, Irish Prime Minister, Brian Cowen, sought to reassure markets about Ireland’s economic difficulties.

He said: “The government has shown consistently our preparedness to do what is necessary to ensure there is international confidence in the direction in which the economy is taking.

“As the governor of the Central Bank has said, we believe that we can provide a manageable way forward for that bank, about how that will be dealt with over the longer term,” he added.

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