Anglo Irish Bank: Timeline
FEBRUARY 2007: Anglo chairman Seán FitzPatrick tells the bank’s agm that he has no concerns about the bank’s exposure to the construction sector and that he is happy with the risk management strategy at the group.
Anglo Irish Bank reports a 46 per cent increase in pretax profits to €1.2 billion for the year to September – the first (and last) time its profits break through the €1 billion mark.
Chief executive David Drumm (above) says the results might “silence a few people”.
Anglo warns of slower lending markets and writedowns related to risky assets. On St Patrick’s Day, Anglo shares plummet 15 per cent in value as negative sentiment swirls through the market.
Donal O’Connor, a former managing partner of PricewaterhouseCoopers (PwC), becomes a non-executive director of the bank.
The family of businessman Seán Quinn buys a 15 per cent stake in Anglo.
The collapse of Lehmans sends shockwaves around global stock markets.
Anglo shares lose almost half their value on September 29th. The following day the Government announces it is to guarantee the loans and deposits at Irish-owned banks and building societies.
Seán FitzPatrick (right) and David Drumm resign after details emerge of “inappropriate” transfers by Mr FitzPatrick of loans worth €87 million off the books of the bank over a period of eight years.
The Government unveils plans to recapitalise Anglo, AIB and Bank of Ireland.
Patrick Neary resigns as Financial Regulator. On January 15th, the Government announces that it will nationalise the “fragile” bank, after its funding position weakens on foot of damage to its reputation. The five remaining non-executive directors stand down.
Irish Life Permanent chief executive Denis Casey (left) resigns after it is revealed that the bank made an unorthodox €8 billion deposit to boost Anglo’s balance sheet in September 2008.
It emerges that in 2008, Anglo lent 10 clients a sum of €451 million to buy its own shares in order to stop the share price plummeting further.
A report by PwC finds that Anglo’s top 15 clients each owes in excess of €500 million.