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19/09/2008
Anglo Irish Looks Nationwide
As financial giants tumble, the piranhas circle to pick up the pieces, with the Anglo Irish Bank sharpening its teeth at the prospect of consuming the Irish Nationwide.
The Irish Nationwide Building Society has been on the market since last year, and has come under serious strain in the sharp downturn with its weakness posing a threat to the standing of Ireland's financial situation.
A takeover by an Irish bank is expected to lift the pressure presently on the market, and the Anglo Irish is now frontrunner for the takeover.
The bank has said it believes the Irish government would support the takeover deal, although many aspects of any such agreement are still someway off.
Anglo, the third-largest bank on the Irish Stock Exchange, and Irish Nationwide are heavily involved in lending to the commercial and residential property development sector in Ireland and Britain.
The news has resulted in the soaring of shares in the main Irish banks with the value of Anglo Irish Bank and Bank of Ireland stock up by nearly a third in early trade.
The anticipation of the takeover, ban on short selling and discussions by US officials on a plan to help banks remove their bad debts has led to a resurgence in confidence as the Irish market begins to steady itself.
The buoyancy on the Dublin market has also spread to non-banking stocks with Independent News and Media adding 20% to €1.36, Elan adding 12% to €8.14 and CRH rising over 6.6% to €18.20.
(DW)
The Irish Nationwide Building Society has been on the market since last year, and has come under serious strain in the sharp downturn with its weakness posing a threat to the standing of Ireland's financial situation.
A takeover by an Irish bank is expected to lift the pressure presently on the market, and the Anglo Irish is now frontrunner for the takeover.
The bank has said it believes the Irish government would support the takeover deal, although many aspects of any such agreement are still someway off.
Anglo, the third-largest bank on the Irish Stock Exchange, and Irish Nationwide are heavily involved in lending to the commercial and residential property development sector in Ireland and Britain.
The news has resulted in the soaring of shares in the main Irish banks with the value of Anglo Irish Bank and Bank of Ireland stock up by nearly a third in early trade.
The anticipation of the takeover, ban on short selling and discussions by US officials on a plan to help banks remove their bad debts has led to a resurgence in confidence as the Irish market begins to steady itself.
The buoyancy on the Dublin market has also spread to non-banking stocks with Independent News and Media adding 20% to €1.36, Elan adding 12% to €8.14 and CRH rising over 6.6% to €18.20.
(DW)
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New Name For Northern Bank
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