08.09.2010 17:37
EU positive on Irish decision on Anglo-Irish
BRUSSELS, Sept 8 (Reuters) - European Union competition chief Joaquin Almunia backed on Wednesday Ireland's decision to split the nationalised Anglo-Irish bank into two institutions in the process of winding down the ailing lender.
Ireland's government will split Anglo Irish Bank into a funding bank and an asset recovery bank to wind down its assets over an unspecified period of time, the finance ministry said on Wednesday.
Under the plans, the funding bank will not engage in any new business, simply providing a home for Anglo's depositors -- contrary to Anglo management's own plans for a niche business lender.
Finance Minister Brian Lenihan said the asset recovery bank would be a licensed bank focused on working out Anglo's remaining soured property loans while the funding bank would be a specialist deposit bank to house Anglo's deposits.
'I view this new option positively as it would deal better with the distortions of competition,' Almunia said in a statement.
'However, a number of important aspects still need to be clarified, and a new notification received, before the Commission is in a position to finalise its assessment and to take a decision,' he said.
http://www.finanznachrichten.de/nachrichten-2010-09/17907784-eu-positive-on-irish-decision-on-anglo-irish-020.htm
