Overseas report raises fears over Anglo

Overseas report raises fears over Anglo

Concerns have been raised after a report was published in the International Herald Tribune this week debating the possibility that Anglo Irish Bank may sink the country financially.

It comes as the Cabinet meets today for the first time since the summer break to discuss the future of the bank.

Green Party ministers want to wind up the State-owned lender in four to five years and will use yesterday's record losses to back up their case.

It is expected Fianna Fáil will resist the Greens' proposals, despite the issue being constantly raised by the public with politicians.

The Finance Minister Brian Lenihan will push for the splitting of Anglo into a good and bad bank - with the latter accounting for 80% of the balance sheet - effectively being wound up in seven to 12 years.

The discussion of the billions won't end at Anglo, ministers must also consider how to find savings of €3bn in December's budget.

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