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21/03/2008
Anglo Irish Bank Investigated
The financial regulator has launched an investigation into unusual share dealings in Ireland.
Banking and credit turmoil has drastically affected many Irish banks, but the Anglo Irish Bank pricked the attention of the regulator after its failure to recover from serious falls in its share price.
The bank’s shares fell by 15% on Monday due to the worldwide ‘credit crunch’, which was a result of revelations that western banks could be short of liquid funds.
Anglo Irish’s share price continued to fall on Tuesday by a further one per cent, but failed to respond along with Ireland’s other main banks when the US cut interest rates by 0.75 per cent on Wednesday.
The decision follows action from the British financial regulator who plans to scrutinise share deals involving British bank, HBOS, which has two subsidiaries in Ireland. Shares in HBOS fell in London after rumours it had been forced to seek emergency funding from the Bank of England.
Speculation is mounting that the banks problems are part of attempts by British market movers to destabilise the Irish banking sector in order to soften the present crunch in their own market.
Anglo Irish Bank has denied suggestions that it is in trouble.
(DW)
Banking and credit turmoil has drastically affected many Irish banks, but the Anglo Irish Bank pricked the attention of the regulator after its failure to recover from serious falls in its share price.
The bank’s shares fell by 15% on Monday due to the worldwide ‘credit crunch’, which was a result of revelations that western banks could be short of liquid funds.
Anglo Irish’s share price continued to fall on Tuesday by a further one per cent, but failed to respond along with Ireland’s other main banks when the US cut interest rates by 0.75 per cent on Wednesday.
The decision follows action from the British financial regulator who plans to scrutinise share deals involving British bank, HBOS, which has two subsidiaries in Ireland. Shares in HBOS fell in London after rumours it had been forced to seek emergency funding from the Bank of England.
Speculation is mounting that the banks problems are part of attempts by British market movers to destabilise the Irish banking sector in order to soften the present crunch in their own market.
Anglo Irish Bank has denied suggestions that it is in trouble.
(DW)
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