Monday April 6, 2020

Taxpayer now exposed on secret Anglo loans deal

Anglo Irish Bank is likely to have to write off much of the €300 million in loans that it advanced to a group of investors to finance their purchase of a 10 per cent stake in the bank.

31st January, 2009

Anglo Irish Bank is likely to have to write off much of the €300 million in loans that it advanced to a group of investors to finance their purchase of a 10 per cent stake in the bank.

The investors bought in at the time businessman Sean Quinn was unwinding his 25 per cent investment in Anglo. Any loss now falls on the taxpayer, following the nationalisation of the bank.

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