How Anglo finally came unstuck

The PwC report into Anglo Irish Bank’s finances shows a bank that was teetering on the brink last September and never recovered. Ian Kehoe and Richard Curran report.

21st February, 2009

The report by PricewaterhouseCoopers into the inner finances of Anglo Irish Bank portrays a bank that was in freefall as far back as last September.

The bank had seen the flight of €5.4bil lion in corporate and retail deposits in the week before the state guarantee scheme. It was widely known that Anglo Irish Bank’s immediate problems had been a major trigger in forcing the government to introduce a blanket guarantee for all of the...

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