Arnotts taken over by Anglo Irish and Ulster banks

Iconic Dublin department store, Arnotts, has been taken over jointly by Anglo Irish Bank and Ulster Bank follwing the company’s difficulties in repaying loans believed to be in the region of €250million.

Anglo Irish Bank, which is in state ownership,  has sought permission from the European Union to initiate the move under EU rules. A deadline of 9 August for objections to the move has been set.

It is understood that none of the 950 jobs at Arnotts is under threat and that the store, located on Henry Street in Dublin, is trading well.


Anglo irish chairman resigns – Ireland banking crisis continues

Breaking news:

Seán Fitzpatrick, chairman of Anglo irish bank, this evening announced his resignation.

A statement from the bank siad the resignation was in relation to directors loans in excess of €80million over a number of years.

AIB shares dip below €2

The share price of Allied Irish Bank (AIB), Ireland‘s largest Bank dipped below €2 in early trading this morning with a slight rally later but a sharp drop again after lunch.
As I write, it has dropped again to just above the €2 mark:
AIB Price Nov 20 08
AIB Price Nov 20 08

This follows hot on the heels of Bank of Ireland  (BOI) falling below the landmark €1 mark on Monday of this week after their announcement that they were completely cancelling their dividend payment policy. This was followed by Anglo Irish bank falling below €1 yesterday.

AIB shares have fallen over 90% in value since the peak in early 2007. If they are to fall below the €1 it would mark almost complete wipeout for the Irish banking sector in just a few months.

Irish Bank shares soar on takeover rumours

September 19 2008

Rumours this morning that Bank of Ireland is to be taken over by Spanish Bank Santander have sent all Irish bank shares rocketing on the Dublin Stock exchange this morning.

At 9:17 am, the Irish banks were up by the following percentages: Continue reading