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During the second half of the 1995–2007 'Celtic Tiger' period of growth, the international bond borrowings of the six main Irish banks—Bank of Ireland, Allied Irish Banks, Anglo Irish Bank, Irish Life & Permanent, Irish Nationwide Building Society and Educational Building Society—grew from less than €16 billion in 2003 to approximately €100 billion (well over half of Ireland's GDP ...
In September 2008, the Irish government—a Fianna Fáil–Green coalition—officially acknowledged the country's descent into recession; a massive jump in unemployment occurred in the following months. Ireland was the first state in the eurozone to enter recession, as declared by the Central Statistics Office (CSO). [8]
January 1, 2008 (became Subsidiary) Landesbank Sachsen Landesbank Baden-Württemberg: Landesbank € 328,000,000 [6] February 22, 2008: Northern Rock: Government of the United Kingdom: Retail and mortgage bank [7] April 1, 2008: Bear Stearns, New York City: JPMorgan Chase, New York City Investment bank $ 2.2 × 10 ^ 9 [8] June 7, 2008: Catholic ...
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Protestors outside Anglo Irish Bank during protests against the bank bailout in April 2010. The Anglo Irish Bank hidden loans controversy (also known as the circular transactions controversy) began in Dublin in December 2008 when Seán FitzPatrick, the chairman of Anglo Irish Bank (the state's third-largest bank), admitted he had hidden a total of €87 million in loans from the bank ...
The Economic Adjustment Programme for Ireland, usually referred to as the Bailout programme, is a memorandum of understanding on financial assistance to the Republic of Ireland in order to cope with the Post-2008 Irish financial crisis.
Lehman Brothers declared bankruptcy on 15 September 2008, after the Secretary of the Treasury Henry Paulson, citing moral hazard, refused to bail it out. [11] [12] AIG received an $85 billion emergency loan in September 2008 from the Federal Reserve. [13] which AIG wais expected to repay by gradually selling off its assets. [14]
November 20, 2008: Iceland obtained an emergency loan from the International Monetary Fund after the failure of banks in Iceland resulted in a devaluation of the Icelandic króna and threatened the government with bankruptcy. [168] November 25, 2008: The Term Asset-Backed Securities Loan Facility was announced. [169]