Anglo Irish report - It’s time to support the reformers

IN KEEPING with the grand tradition of greatly underestimating bad news established by a long line of finance ministers and central bank economists, yesterday’s Anglo Irish report revealed that the €300 million loan figure was a long way off the mark.

The bank’s generosity to “ten long-standing clients” has been greatly underestimated — by 50% in fact.

The amount lent to the Anglo Irish Bank Ten in the loans-for-shares backroom deal intended to support Anglo’s tumbling share value was, in fact €451 million, the bank reported yesterday.