Wind-down of Anglo Irish to take years: central bank

DUBLIN (BestGrowthStock) – A wind-down of Anglo Irish Bank’s loan book would be done over a period of years, Ireland’s central bank said on Monday, in a clarification of comments by Governor Patrick Honohan to national broadcaster RTE.

The central bank confirmed it was working on a revised restructuring proposal for nationalized Anglo Irish Bank, which it aimed to agree and submit by the end of January.

“Any wind-down of the loan book of Anglo would however be over a multi-year period as in the current restructuring,” the bank said.

“These measures are designed to provide an orderly resolution for the future of Anglo in a manner that is consistent with EU competition law and agreed with the European Commission.”

In an interview with RTE on Monday, Honohan had mentioned the end-January deadline, but it was unclear from his comments whether he was referring to the restructuring plan or the actual winding down of the bank.

(Writing by Noah Barkin; Editing by Dan Lalor)

Wind-down of Anglo Irish to take years: central bank