Former directors of the Irish Bank Resolution Corp. say the business was solvent when the government placed it in liquidation earlier this year, the Sunday Business Post reported, citing company documents.
Ireland may be left with a “large portion” of former Anglo Irish Bank Corp.’s loans even as sovereign wealth funds, private-equity funds and banks circle the first assets for sale, said Kieran Wallace, joint liquidator of the failed lender.
Irish Bank Resolution Corp. of Dublin, formerly Anglo Irish Bank Corp., filed a Chapter 15 bankruptcy petition in Delaware yesterday to protect U.S. holdings, listing more than $1 billion each in assets and debt.
Europe’s march toward a banking union began in the early morning hours of June 29, 2012, during an overnight summit that pitted Germany against Spain and Italy over their plea for more help against the raging debt crisis.
Anglo Irish Bank Corp. defended a sale of its U.S. loan portfolio that was ordered by the Irish government and its acquisition of Irish Nationwide Building Society, calling them “non-commercial, sovereign acts.”
Anglo Irish Bank Corp., the lender that pushed the country to the brink of bankruptcy, will have 3 billion euros ($4 billion) less to repay creditors after the government sped up its liquidation, two people with knowledge of the matter said.
Irish Prime Minister Enda Kenny faced growing calls for an inquiry into the collapse of Anglo Irish Bank Corp. after the Irish Independent released recordings of talks between executives as the lender sought a bailout.
U.S. Supreme Court justices debated an effort to make investment banks, including units of Goldman Sachs Group Inc. and Morgan Stanley, pay back money they earned by allegedly manipulating dozens of initial public offerings.