September 30th, 2008
Irish government announces that it is to guarantee the loans and deposits of six Irish-owned banks and building societies.
"I do not see a hazard or an exposure to the decision that I have arrived at"– Brian Lenihan
October 24th, 2008
Former AIB chief executive Eugene Sheehy says of the bank: “We’d rather die than raise equity.”
December 14th, 2008
Government announces a €10 billion recapitalisation and rescue fund for Irish banking following sharp falls in share prices, especially at Anglo Irish Bank, over fears about bad debts in the banking system.
"If capital is required . . . capital will be provided, but on strict terms and on terms that will ensure a full return to the taxpayer and pension fund"– Lenihan
December 17th, 2008
Donal Forde, former managing director AIB Bank (ROI), defends the bank. “We are not all the same. AIB has made it clear we don’t feel we need capital.”
December 22nd, 2008
Government announces it will inject €1.5 billion into Anglo and €2 billion each into AIB and Bank of Ireland. A further investment of €1 billion in shares in the two main banks is also mooted.
"The investment reflects our assessment of what is required to meet the challenges they face"– Lenihan
February 12th, 2009
Government revises its pre-Christmas recapitalisation plans following the nationalisation of Anglo on January 15th, 2009. It now confirms a €7 billion recapitalisation of Bank of Ireland and AIB. Lenihan said “We have avoided the danger of nationalising these institutions because it would have led to serious difficulty in international perceptions about Ireland.”
"Is this money going through the cracks in the floor? Absolutely not"– Denis Donovan, head of Bank of Ireland's capital markets division, says the taxpayers' investment will not be frittered away
"This isn't a question of bailing out the banks. The State is getting a good deal"– Lenihan
May 29th, 2009
Government announces injection of €4 billion into Anglo with a possible further €3.5 billion. Lenihan defends support for the bank.
"If you close it down, 64 billion in customer and interbank deposits would be called into question"– Lenihan
March 30th, 2010
It emerges that AIB will require €7.4 billion in additional capitalisation. Bank of Ireland will require €2.7 billion; Irish Nationwide €2.6 billion and EBS €875 million.
The following day, the government provides a further €8.3 billion to Anglo, and announces that the nationalised bank may require an additional €10 billion injection.
“At every hand’s turn, our worst fears have been surpassed,” says Lenihan.
May 31st, 2010
Central Bank governor Patrick Honohan says Ireland’s biggest banks will be “fixed” by the end of the year. “People may not fully internalise and appreciate that we’ve fixed the banks until they suck it and see . . .
“It may be some months before the market fully realises that this is working out.”
August 16th, 2010
"It's costly but it's manageable"– Honohan on the Anglo bailout
September 30th, 2010
Government statement discloses that total cost of Anglo will be €29.3 billion and could rise to €33 billion in worst-case scenario.
"This is rock-bottom day as far as the banks are concerned"– Lenihan