Thursday, January 15, 2009

While I was at dinner

Northern RockImage via WikipediaIt seams I, (as well as every other Irish Tax Payer) has become part owner of Anglo Irish Bank. According to the statement on the IT website "The Government has today decided, having consulted with the Board of Anglo Irish Bank Corporation plc (¿Anglo¿), to take steps that will enable the Bank to be taken into public ownership."

The statement calls Anglo a "major financial institution whose viability is of systemic importance to Ireland". The reason for the nationalisation is "unacceptable practices that took place within it have caused serious reputational damage to the bank at a time when overall market sentiment towards it was negative".

So basically the state is not only bailing Anglo out, it is putting tax payers money at risk.

Northern Rock nationalisation hasnt worked very well in the UK. I wonder how well it will work here?

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