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Updated Monday, September 6, 2010 11:01 pm TWN, Italy, AFP

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EU decision on support for banks due

Earlier this week, Irish Prime Minister Brian Cowen said winding up the bank immediately could cost more than 70 billion euros and that this would not be in the interests of the taxpayer.

But on Saturday, Ireland's Innovation Minister Conor Lenihan, brother of Finance Minister Brian Lenihan, said the bank would be decommissioned, though he said it would be “costly and dangerous” to do so too quickly.

Brian Lenihan was due to meet Almunia in Brussels next week to discuss a possible bailout for the bank, the Irish Times reported Saturday.

Anglo Irish, like many rival banks, was ravaged by the global financial crisis and a deep recession, alongside the property market meltdown, resulting in billions of euros of bad debts — or loans that have to be written off.

On Thursday, the ECB extended easy facilities for banks in the Eurozone to access funding, amid signs of renewed tension in financial markets.

Although European banks have undergone stress tests to see if they would withstand a fresh major financial shock or widespread loan defaults, there has been growing concern that parts of the system remain under strain.

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