Oliver Gilvarry News
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The Irish government may be forced to take controlling stakes in Bank of Ireland Plc and Irish Life & Permanent Plc , the last of the country’s biggest lenders to escape state control, following tomorrow’s stress tests.
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Irish Finance Minister Brian Lenihan needs to inject at least 5 billion euros ($6.8 billion) more cash into the country’s two biggest lenders immediately as part of Ireland’s international rescue, analysts said.
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Irish Life & Permanent Plc, the country’s biggest mortgage lender, slumped as much as 19 percent in Dublin as investor concern grew that mortgage impairments are rising and the government might need a bailout.
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Anglo Irish Bank Corp. , taken over by the government two years ago, said it expects to post a pretax loss of about 17.6 billion euros ($24 billion) in 2010, the largest corporate loss in the nation’s history.
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Irish Life & Permanent Plc rose the most in more than three months in Dublin trading on speculation that Axa SA may bid for the company.
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Anglo Irish Bank Corp. , nationalized by Ireland’s government last year, will be split into two banks and part of it wound down or sold.
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Allied Irish Banks Plc , Ireland’s second-biggest bank, has tripled its reliance on funding from central banks since the end of June as companies and customers pulled money amid the country’s debt crisis.
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Barclays Plc, the U.K.’s third- largest bank by assets, fell in London trading after first- quarter investment banking revenue dropped more than estimated.
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Polish Prime Minister Donald Tusk said he “respects” Allied Irish Banks Plc ’s choice of Banco Santander SA , rather than a state-owned Polish bank, to buy a 70 percent stake in Bank Zachodni WBK SA.
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Allied Irish Banks Plc and Bank of Ireland Plc’s senior debt slumped on concern the government will force some of the cost of bailing out the country’s banks onto senior bondholders.
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