Preparing for the worst

Preparing for the worst

A decade has passed since the fall of Anglo. But is the Irish banking system any better placed to ward off another catastrophe?

Ten years ago tomorrow morning, Anglo Irish Bank announced what would turn out to be its final set of annual results in its lifetime. The bank told its investors at the time that it made a profit for 2008 of nearly €800 million. That was down on the prior year, but a reflection of the fact that it took a “prudent collective impairment” of €500 million for loans that may go sour. It was a big number at the time, but tiny in comparison to its €72 billion loan book.

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