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Irish PM Pledges Probe Into Anglo Bank Disaster

The Anglo Irish Bank Supreme Novices' Hurdle Race

DUBLIN (AP) — Ireland’s leader says the government will open an investigation into the disastrous bailout of Anglo Irish Bank, following newly disclosed recordings of telephone calls showing former directors conspiring to conceal the true scale of losses.

Prime Minister Enda Kenny told lawmakers Tuesday the public must learn the full truth of how Anglo brought Ireland to the brink of bankruptcy following this week’s revelation of 2008 phone calls involving the bank’s top brass.

The internally recorded calls, obtained by the Irish Independent newspaper, document how Anglo officials misled the Central Bank of Ireland that Anglo required only 7 billion euros to prevent its 2008 collapse.

Anglo’s losses reached 30 billion euros, nearly half of a total bank-bailout bill that forced Ireland to negotiate its own international rescue in 2010.


Copyright 2013 The Associated Press.

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