State ordered AIB and BoI to prop up Anglo
Sunday, August 09, 2009 By David Clerkin, Markets Correspondent
The government ordered AIB and Bank of Ireland to give up to €8 billion in emergency funding to Anglo Irish Bank in the weeks leading up to the ailing bank’s nationalisation in January, The Sunday Business Post has learned.
Correspondence between the European Commission and the government, seen by this newspaper, revealed that the deal was one of a number of measures used to prop up Anglo as it struggled to fund itself in the wholesale banking market.
‘‘Other measures being put in place to enhance the liquidity position of the bank [Anglo] going forward include .. . additional undrawn committed facilities from two credit institutions,” said the correspondence, which was dated early January.
You either need a lend or you dont! and consider the sums involved ,
Its about time People woke up,
The Government later stated they did not need the Cash .
I have been harping about this for a while,