Anglo Irish fallout - Financial Regulator must go

The Government is going to provide €1.5 billion for Anglo Irish Bank and €2bn each for Bank of Ireland and AIB Bank.

The Government will end up holding a clear majority share in Anglo Irish, but this will not be outright nationalisation, though in effective terms it is the same thing.

It amounts to full protection for Anglo Irish Bank, which is likely to cause some public unease, but was necessary to protect innocent people doing business with the bank.