Anglo Irish Bank will not shut down
Published Saturday, May 8, 2010, 11:49 AM
Updated Saturday, May 8, 2010, 11:49 AM
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Anglo Irish Bank's Chairman insists lender will not close
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Chair of Anglo Irish Bank, Alan Dukes, has denied there will an early wind-down of the institution.
Alan Dukes believes that staying open is the taxpayer. However, opposition parties say that closing down Anglo will cost just as much as the cost of keeping it open.
"Winding the bank down is loss all the way," said Dukes.
The bank has submitted a plan to the European Commission. It proposes to minimize losses to the taxpayer. It plans to split the bank in two, keeping part of the bank open long-term.
They have asked the European Commission to look at the possibility of winding the lender down over a period of 20 years.
Dukes said that the Commission had no preferred option at this point.
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