Anglo-Irish a black hole for Ireland says Wall Street Journal column


Anglo-Irish bank has become ’Ireland’s very own black hole” a Wall Street Journal columnist has stated.

Quentin Fottrell stated that it now looks like the bank will not survive and will be closed down rather than allowed to operate as a good bank/bad bank.

An opinion poll over the weekend showed 73 per cent of Irish people believing the bank, which owes as much as $50 billion, will bankrupt the country.

Fottrell was reflecting an interview over the weekend when Chief Executive Mike Aynsley stated that the European Union was more likely to demand it be closed down rather than be split into a good bank/bad bank.

Aynsley told the Sunday Business Post that The European Commission is saying, ‘This bank has dropped €25 billion and it doesn’t deserve to survive,’ and they’re right. But you have a dysfunctional banking system … We can’t call the political agenda. Politicians have to call the political agenda. “

Meanwhile the damage that the Anglo situation is causing Ireland is very real. The Wall Street Journal quotes Emer Lang, an analyst with Davy research that enough damage has been done:

“Uncertainty over the fate, and particularly the cost, of Anglo continues to be a key driver of negative sentiment towards Ireland in financial markets,” she said. “Early clarification is needed, particularly as we are now a week into a key month for bank debt roll-overs.”


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