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| EC Approves Anglo Irish Funding |
by Jason Gorringe, Tax-News.com, London
Thursday, August 12, 2010
The European Commission has authorized under EU state aid rules an emergency
recapitalisation of up to EUR10.05bn in favor of Anglo Irish Bank, ahead
of a final decision on authorizing the bank’s restructuring plan.
Commenting, Commission Vice-President for Competition, Joaquín Almunia,
said: "Anglo Irish Bank needs a third emergency recapitalisation to meet
its obligations. The measure is necessary to preserve financial stability in
Ireland. However, there is no doubt that Anglo Irish Bank has to restructure
profoundly in a way that effectively tackles the weaknesses of the past business
model and ensures a sustainable future without continued state support."
At the end of June, Ireland notified a capital injection of up to EUR8.580bn
in favour of Anglo Irish Bank, to be paid in annual tranches over 10 years.
This is to cover the capital needs of the bank as of end of June 2010 until
December 31, 2010 and will help the institution to preserve an adequate level
of Core Tier 1 capital. This amount can now be increased to EUR10.05bn, depending
on the actual valuation of the bonds issued by the National Agency for Asset
Management (NAMA) in the accounts of Anglo Irish Bank, the Commission said.
In its comments on the third capital injection, the Commission said: “It
has become necessary because impairments and losses on Anglo Irish Bank's entire
commercial loan book have continued to increase due to the poor quality of the
book and the drop in prices on the commercial property market combined with
the ongoing crisis on financial markets. Furthermore, in recent years, Anglo
Irish Bank participated in much risky lending to commercial real estate developers
and investors. This sector accounted for the largest part of its loan portfolio,
which led to very large losses when the property market started to rapidly worsen.
Due to the magnitude of the losses, Anglo Irish Bank needed a further capital
injection in order to ensure that it would meet its regulatory capital requirements.”
To date, the Commission has already approved two emergency capital injections
for Anglo Irish Bank (EUR4bn in 2009; and EUR10.44bn in
March 2010). Discussions on the restructuring plan are ongoing.
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