Anglo chief believes it is critical the bank survives

ANGLO Irish Bank chief executive Mike Aynsley said he does not believe the bank should be wound down because it holds an international funding platform of around €50 billion and that would not migrate to an asset recovery company.

In a circular to the management team, Mr Aynsley also said while the bank had hoped to secure approval for its split into a viable bank, BankCo, and an asset recovery company AssetCo, by now, that approval was not likely to come before September.

He said an operational split is likely to occur by December 31 this year and a “full physical split” by December 31, 2011.