New statistics have revealed that Anglo Irish Bank has the worst losses of any bank in the world.
According to The Banker, a financial journal, the Irish bank has won the world record by losing a massive $18.8 billion in 2009.
Their list, which includes the 25 biggest international losers, also ranked Allied Irish Bank in 11th place having lost $3.9 billion. Bank of Ireland and Irish Nationwide Bank managed to avoid the list altogether.
Anglo Irish managed to top the list with a massive margin. It lost twice as much as the bank ranked in second place and it left the United States, Japan and Germany banks miles behind.
The biggest loser Irish bank is now owned by the taxpayer, having been nationalized in January 2009. Last year it posted losses winning it the title of largest losing Irish company but now it has official gain world ranking.
United States lender Citigroup only managed to lose half of Anglo’s record despite the massive blow of the sub-prime crisis. In fact most of the banks involved in the survey posted losses due to the sub-prime crisis except Anglo, whose losses were due to the Irish property crisis.
Moving to Ireland
After living in Ireland for almost one year, this is what I’ve learned