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November 25, 2010updated 12 Apr 2017 4:18pm

A short history of finance in Ireland

The Irish government reveals a worst-case price tag of 50bn to clean up its banks, of which 34bn is to wind down stricken Anglo Irish Bank.

By Antonio Fabrizio

November

Irish flagBailout

A joint EU-IMF bailout of €90bn is agreed. Ireland’s prime minister was under pressure to quit as Leasing Life went to press.

 

September

Big debts

The Irish government reveals a worst-case price tag of €50bn to clean up its banks, of which €34bn is to wind down stricken Anglo Irish Bank.

 

August

Ratings decline

Standards & Poor’s downgrades Ireland on concerns about the cost of a potential bail out. The rating agency had already downgraded Ireland’s long term rating in 2009. Fitch also downgraded Ireland earlier in the year.

 

February

BoS cuts asset finance

Bank of Scotland confirmed the closure of its Irish asset finance division, citing poor returns. The lender also closed its 44 Halifax retail branches in Ireland. Altogether, some 750 jobs were lost.

 

December 2009

RBS pulls out

Royal Bank of Scotland cut 108 jobs at Lombard’s Irish operation, and designated Lombard Ireland as non-core. Finance union the Irish Bank Officials’ Association ex-pressed shock at the announcement and asked Lombard to reconsider.

 

September 2009

Friend First Finance winds down

Friend First closed its asset finance arm to new business, with 100 job losses. The portfolio will be wound down until about 2006. Adrian Hegarty, group chief executive, blamed “lack of availability of credit, at appropriate rates, combined with the downturn in the Irish economy”.

 

March 2009

D&M liquidates

Irish construction firm D&M Utilities & Civil Engineering went into liquidation. Lombard, one of D&M’s major creditors, was owed a significant sum.

 

December 2008

Cash injection

The Irish government injected €5.5bn in the country’s three largest banks, taking control of Anglo Irish Bank.

 

September 2008

Recession session

Ireland becomes the first eurozone country to slip into recession since the US subprime mortgage crisis sparked a global slowdown.

 

February 2008

Bank of Ireland Group consolidates

The group closes its business finance division with the loss of 70 jobs, citing incompatibility with its long-term strategy. Motor finance business Northridge Finance unaffected by the decision.

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