In January the government nationalised Anglo Irish bank (often seen as the builders」 bank), after its chairman, Sean Fitzpatrick, failed to disclose some euro 83m in personal loans.
Ireland」s government announced another capital injection in Anglo Irish Bank, a failed property lender, and said it would probably take majority control of Allied Irish Banks.
Meanwhile, the courts began the process of winding down Anglo Irish and Irish Nationwide, another distressed lender, to comply with the terms of Ireland「s bail-out by the European Union.
Ireland」s government announced it would split Anglo Irish bank, a nationalised lender crippled by bad loans, into a 「funding bank」 to manage deposits and an 「asset-recovery bank」 for toxic debt.