Anglo Irish Bank - a timeline

 

Key events around the collapse and rescue of Anglo Irish Bank

2007

May: Anglo Irish Bank’s shares peak at more than €17 each.

2008

September 30th: Amid international banking turmoil, the Government announces a €400 billion guarantee scheme covering the country’s six main banks, including Anglo.

December 18th: Sean FitzPatrick resigns as chairman and admits he hid more than €80 million in secret loans from shareholders.

December 21st:
Government recapitalises Anglo with €1.5 billion,

December 29th:
Anglo shares plummet to just 12 cents.

2009

January 15th: The Government is forced to nationalise Anglo.

January 30th: One-time billionaire Sean Quinn reveals his family has lost €1 billion on Anglo stock deals - the figure subsequently
rises to €2.8 billion.

February 10th: Irish Life & Permanent confirms it deposited €7 billion in Anglo in September 2008 to boost the balance sheet, forcing IL&P’s chief executive and two directors to resign.

February 20th:
Anglo’s annual report shows it lent €451 million to 10 big customers to buy shares in the bank.

A PricewaterhouseCoopers report finds Anglo has 15 customers who owe the bank more than €500 million each.

February 24th: Anglo headquarters in central Dublin is raided by the fraud squad and white collar crime investigators to seize documents and computers.

2010

March 18th:
Fraud squad detectives arrest Mr FitzPatrick over the fraud investigation and release him without charge.

March 31st: Anglo reports the biggest corporate losses in Irish history - €12.7 billion.

July 12th:
Mr FitzPatrick is declared bankrupt in the High Court.

August 31st:
Anglo’s record losses soar to new heights - €8.2 billion for the six months to June 2010.

September 30th:
The Central Bank says the Anglo bailout could ultimately cost citizens €34 billion.