Anglo Irish Bank Split in Two
Ireland’s government reports it will split nationalized lender Anglo Irish Bank into a “funding bank” to hold deposits and an “asset recovery bank,” which will focus on winding down the banks loan book. Anglo Irish was nationalized early last year. It reported a first-half net loss of 8.21 billion euros ($10.43 billion) due to bad loans and losses on the sale of assets to the government’s National Asset Management Agency.
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