Anglo chief says EU support does not solve Irish banks’ problems

ANGLO Irish Bank’s chief financial officer, Maarten van Eden, said European Union support doesn’t fundamentally address problems at Irish lenders and they remain reliant on central bank funding, according to an op-ed in Dutch newspaper Het Financieele Dagblad yesterday.

The banks operating in Ireland have a long-term capital need of €75 billion and require €70bn in the medium term to cover bad assets,” he wrote in the newspaper.

Van Eden said that a further €50bn is needed to restore the term structure of the banks’ obligations.