The Irish government has announced that Anglo Irish Bank is to be nationalised.
At a news conference in the Department of Finance the Minister for Finance Brian Lenihan said Anglo Irish Bank would be taken into full public ownership.
This comes following the government announcement of the Bank Guarantee Scheme in September.
Brian Lenihan speaking to the media says that full public ownership is the only viable option now for the bank due to the,
Unacceptable practices that took place.
Following the revelations that former chairman of Anglo Irish Bank Seán Fitzpatrick concealed €87 million loans to directors, the bank’s reputation was badly damaged.
Anglo Irish Bank shares will be suspended from tomorrow morning, but the bank will continue to trade as usual. Brian Lenihan says that customers' deposits and savings will be safeguarded.
A government-appointed assessor will determine whether or not the bank has a valuation, and if it is found that the bank has value,
There will be a fair measure of compensation for the shareholders.
The legislation to allow for the nationalisation of Anglo Irish Bank is to be presented to the Oireachtas next Tuesday.
An RTÉ News report broadcast on 15 January 2009. The reporter is David Murphy.
