More than a year and a half after taking control of Dublin-based Anglo Irish Bank, the Irish government announced on Wednesday that it will move ahead with plans to split the troubled lender into two parts, a "funding bank" and an "asset recovery bank," with plans to wind down the latter over several years. Anglo Irish has teetered on the edge of insolvency since the collapse of Ireland's economy amid the global economic downturn two years ago. Three firms have secured key legal advisory roles, including Freshfields and Arthur Cox.
September 09, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
More than a year and a half after taking control of Dublin-based Anglo Irish Bank, the Irish government announced on Wednesday that it will move ahead with plans to split the troubled lender into two parts.
Saddled with a crushing debt load, Anglo Irish has teetered on the edge of insolvency since the collapse of Ireland’s economy — once dubbed the Celtic Tiger — amid the global economic downturn two years ago.
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