Dukes wrong about bailout, says Lenihan

FINANCE Minister Brian Lenihan has rejected the claim by the chairman of Anglo Irish Bank that the €35 billion EU/IMF bank bailout will not be enough to cover a wave of mortgage defaulters.

Anglo chairman, Alan Duke had predicted the contingency fund would fall short when anticipated losses on residential home loans started to bite.

But Mr Lenihan said this was not the case and instead backed the more optimistic assessment of the governor of the Central Bank, Professor Patrick Honohan.