27/02/2009

Investors 'Eye Up' Anglo Irish Bank

A troubled Irish financial institution is again in the news today with the revelation that a consortium of foreign investors has held talks with Irish backers and with the Government over taking a majority stake in Anglo Irish Bank.

The bank - which was nationalised last month - is reported to be the focus of an Irish and international bid for a major shareholding.

However, the RTÉ report said that the bid is currently 'on hold' after the consortium told the State to stay their interest while investigations into the bank are ongoing.

Anglo Irish Bank, Ireland's third biggest lender before it was taken into state owenership, has been at the centre of a string of scandals that have badly damaged Ireland's overseas reputation.

Most recently, the Office of the Director of Corporate Enforcement and the associated financial regulator started investigations into the bank over directors' loans from Anglo Irish Bank.

The Gardaí and their own fraud investigators, carried out searches at Anglo Irish Bank's offices this week.

The allegations of share price manipulation were allegedly to boost its deposit base.

(BMcC/JM)

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