Key events in Anglo crisis

Some of the key events which have led to the near-collapse of Anglo Irish Bank in just 18 months.

Some of the key events which have led to the near-collapse of Anglo Irish Bank in just 18 months.

May, 2007:Anglo Irish Bank's buoyant shares peak at more than 17 euro each

July, 2008:A so-called 'golden circle' of ten investors secretly buy a 10%
stake in Anglo

September 30th, 2008:Amid international banking turmoil, the Irish Government announces a €400 billion guarantee scheme covering the country's six main banks including Anglo

December 18th, 2008:Sean FitzPatrick resigns as chairman and admits he hid more than €80 million in secret loans from shareholders

December 19th, 2008:Chief executive David Drumm resigns.

December 21st, 2008:Government recapitalises Anglo with €1.5 billion.

December 29th, 2008:Anglo shares plummet to just 12 cent

January 15th, 2009:The Government is forced to nationalise Anglo

January 16th, 2009:Furious shareholders call for entire Anglo board to be sacked

January 19th, 2009:Five more board members resign

January 20th, 2009:The Dail is recalled from its Christmas break to pass legislation to nationalise Anglo

February 10th, 2009:Irish Life & Permanent's seven billion euro deposit to boost Anglo's balance sheet is revealed and leads to the resignation of IL&P's chief executive and two directors

February 20th:New Anglo chairman Donal O'Connor publishes annual report which reveals the bank gave loans worth €451 million to ten 'long-standing customers' last year to buy shares in the bank. Only €83 million of this has been repaid.

Anglo vows to evolve in the future from an aggressive property lender to a bank serving all business customers