Anglo bailout ‘may exceed’ €35 billion

AS the Government prepares to put a final cost on the Anglo Irish Bank rescue, rating agency Standard & Poor’s warned the total cost of the bailout could be higher than its initial €35 billion estimate.

S&P unnerved the markets further yesterday with its warning that its initial figure could be too low raising fears that Anglo may yet prove to be the tipping point for the economy.

S&P’s credit analyst Trevor Cullinan said the total cost of bailing out Anglo Irish Bank could exceed the agency’s previous €35bn forecast.