Anglo Irish Bank

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Anglo Irish Bank Corporation (Irish: Banc Angla-Éireannach) is a state-owned bank based in Ireland with its headquarters in Dublin. The company mainly deals in business and commercial banking, with the result that it has only a limited retail presence in the major Irish cities. It also has wealth management and treasury divisions. Anglo-Irish has operations in Austria, Switzerland, the United Kingdom, the United States, and the Isle of Man. The company made €1.2bn in the financial year Sep. 2006–Sep. 2007. Anglo Irish Bank's heavy exposure to property lending, with most of its €72bn loan book being mainly to builders and property developers, meant that it was badly affected by the downturn in the Irish property market in 2008.[1]

From the mid-1980s to September 2003, the inflation-adjusted price of a barrel of crude oil on NYMEX was generally under $25/barrel. During 2003, the price rose above $30, reached $60 by August 11, 2005, and peaked at $147.30 in July 2008.[1] Commentators attributed these price increases to many factors, including reports from the United States Department of Energy and others showing a decline in petroleum reserves,[2] worries over peak oil,[3] Middle East tension, and oil price speculation.[4]

The years 2007–2008 saw dramatic increases in world food prices, creating a global crisis and causing political and economical instability and social unrest in both poor and developed nations.

The 2008–2009 Belgian financial crisis is a major financial crisis that hit Belgium from mid-2008 onwards. Two of the country's largest banks - Fortis and Dexia - started to face severe problems, exacerbated by the financial problems hitting other banks in the world. The value of their stocks, as well as the stocks of most other Belgian companies plunged. The government tried to control the situation by bailing-out banks and guaranteeing bank deposits. Eventually Fortis was split into two parts - the Dutch one was nationalized, while the Belgian one was sold to the French bank BNP Paribas.The 2008–2009 Icelandic financial crisis is a major ongoing economic crisis in Iceland that involves the collapse of all three of the country's major banks following their difficulties in refinancing their short-term debt and a run on deposits in the United Kingdom. Relative to the size of its economy, Iceland’s banking collapse is the largest suffered by any country in economic history.[1]

The 2008–2009 Irish banking crisis is an ongoing situation in Ireland which has led to a number of financial institutions requiring government assistance and has subsequently led to a number of unexpected revelations about the private affairs of some banks. The December 2008 hidden loans controversy within Anglo Irish Bank led to the resignations of three executives, including chief executive Sean FitzPatrick, and the institution was nationalised in January 2009 when the Irish government determined that recapitalisation would not be enough to save the bank. Recapitalisation was however carried out at the country's two largest banks, Allied Irish Bank (AIB) and Bank of Ireland (BoI), with bailouts of €3.5 billion confirmed for each bank on 11 February 2009. Since then it has emerged that Anglo Irish Bank falsified its accounts before it was nationalised, with transactions between it and another bank, Permanent TSB, being uncovered.[1] The chief executive of Irish Life and Permananent, the comapany that owns Permanent TSB, Denis Casey, resigned in the aftermath of this revelation. Amidst the crisis the ruling Fianna Fáil party has fallen to third place in an opinion poll conducted by The Irish Times,[2] placing behind Fine Gael and Labour, the latter of which rises above Fianna Fáil for the first time in history.[3] Fine Gael leader Enda Kenny, speaking in County Cork on 15 February, asked the entire board of the Financial Regulator to resign.[4]The 2008–2009 Irish financial crisis is a major ongoing economic crisis in Ireland that is in part responsible for the country falling into recession for the first time since the 1980s. The Irish government officially announced it was in recession in September 2008, with a sharp rise in unemployment occurring in the following months. The Republic of Ireland was the first state in the Eurozone to enter recession as declared by the Central Statistics Office[1].Starting in 2008, there has been a resurgence of interest in Keynesian economics among various policy makers from the world's industrialized economies. This has included discussions and implementation of some economic policies in accordance with the recommendations made by John Maynard Keynes in response to the Great Depression—such as fiscal stimulus and expansionary monetary policy.[1][2][3][4]

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