Anglo Irish boss says he will hive off the firm’s troubled loans
NATIONALISED Anglo Irish Bank is planning to split itself in two, hiving off its viable assets and eventually winding down its troubled loans, its chief executive said yesterday.
Anglo Irish Bank is expected to transfer €28bn (£25bn) of loans to Ireland’s National Asset Management Agency (NAMA), a national “bad bank” which is being launched this month.
And chief Executive Mike Aynsley said the remainder of the institution would then be split into an “old” and a “new” bank.
“Old Anglo would not engage in any new lending or deposit-taking activities and would be wound up on an orderly basis over time,” Aynsley wrote in an email to staff.
“New Anglo” will continue trading normally.