Great, just great… August 31, 2010Posted by WorldbyStorm in Economy, Irish Politics.
State-owned Anglo Irish Bank has announced a €8.2 billion loss for the first six months of 2010.
This is well in excess of the previous six-month deficit of €4.1 billion posted last year and means Anglo has set a new Irish corporate record for a loss in a six-month period.
Mr Lenihan admitted today that the bank had posed “a very serious problem for the economy” and said the Government, the Anglo Irish board and the Commission was working to bring “certainty and finality” to the bank “problem.”
…and how much more are we going to pay?
Ratings agency Standard & Poor’s estimated last week that the cost of Anglo to the State could rise to €35 billion over time.
Let’s just recall by way of comparison that after the monies removed last year, and this, we can anticipate according to the Stability Programme €3bn in expenditure cuts in 2011 and a further €3bn in 2012 and… well let’s not even think of 20013.