Anglo Irish Bank

Anglo Irish Bank lent to Irish property developers on relationship terms, grew its loan book many times over in a decade, and funded that growth in wholesale markets rather than from deposits. When funding closed in September 2008 the Irish government guaranteed the bank's liabilities overnight, then nationalised it, at a cost of about 30 billion euro that turned a bank failure into the sovereign bailout of 2010. Readers get concentration risk in a single asset class, related-party lending through Sean FitzPatrick's hidden director loans, and the Maple Ten scheme that used bank money to support its own share price. Simon Carswell wrote the reported history, and Lyons and Carey built their book on FitzPatrick's own recorded interviews.

2 books