State to ask ECB to help wind down Anglo

THE Government is expected turn to the European Central Bank for help as it looks to wind down Anglo Irish Bank over a 10 to 15-year period.

Finance Minister Brian Lenihan said the Government will not seek financial help from the European Financial Stability Facility, which has €750 billion at its disposal to help countries with problems borrowing on the market.

“We don’t anticipate that at all,” Mr Lenihan said, despite the cost of borrowing for Ireland rising to record levels yesterday on the markets.