Anglo Irish Bank's Chief Executive has said he hopes plans to split the company into a good and bad bank will be operational by the end of the year.

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.

Three new high street banks are to be set up as part of a major shake-up by the British government, it was reported today.