Anglo Irish and Irish Nationwide assets to be auctioned
09 February 2011
The Irish Republic's debt management agency has said it will start an auction process for the sale of the deposits and assets of Anglo Irish Bank and Irish Nationwide Building Society.
The government submitted restructuring plans for the two state-run lenders to the European Commission last week. Several Irish banks had to be rescued by the government when the property market crashed.
The government itself later had to accept a bail-out from the EU and IMF. Under the terms of the 85bn-euro ($113bn; £72bn) bail-out, the government had to put forward plans for the two lenders by last week. The Irish High Court has now given clearance to those plans.
The Irish Republic was forced to accept the 85bn euro bail-out from the EU and IMF last year. "The NTMA (National Treasury Management Agency) will immediately commence an auction process to invite interested, fully-licensed financial institutions to tender for Anglo and INBS deposits," the debt management agency said in a statement.
It is intended that this process will conclude as quickly as possible.
© BBC - British Broadcasting Corporation
