Foreign bank’s troubles make waves here

New York /
Mar.March 11, 2009 02:33 PM


From the March issue:
On Dec. 3, 2008, senior executives at Anglo Irish Bank assured investors during a year-end conference call that while the industry’s overall climate was beginning to deteriorate, the bank’s critical operations in North America remained strong and would withstand any near-term weakness in the economy. Tony Campbell, chief executive of Anglo Irish’s North American unit, boasted that more than 99 percent of loans in the bank’s $9.3 billion loan book for the region, spread out among 300 clients, were current. He called the number of impaired loans “negligible.” “I’d have to say that the team in the U.S. is very alert to the less benign economic trends and the likely impact on their loan portfolios,” said Campbell. However, court documents and interviews with analysts, attorneys and other key players paint a slightly different picture of Anglo Irish Bank, particularly in New York, which makes up 40 percent of its U.S. business.


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Pennsylvania town offers big incentive for people to fix homes
Pennsylvania town offers big incentive for people to fix homes
Pennsylvania town offers big incentive for people to fix homes
Credit Suisse Group partners with MARK on $1B-plus rental housing fund
Credit Suisse Group partners with MARK on $1B-plus rental housing fund
Credit Suisse Group partners with MARK on $1B-plus rental housing fund
London fire officials say over 1K buildings unsafe in a fire
London fire officials say over 1K buildings unsafe in a fire
London fire officials say over 1K buildings unsafe in a fire
The Centre at Purchase at 1, 2, 3, 4 Manhattanville Road with George Comfort & Sons CEO Peter Duncan (George Comfort & Sons)
Westchester office park owned by George Comfort & Sons slated for auction
Westchester office park owned by George Comfort & Sons slated for auction
Wells Fargo hit with $400M suit for breach of contract linked to robo-signing scandal
Wells Fargo hit with $400M suit for breach of contract linked to robo-signing scandal
Wells Fargo hit with $400M suit for breach of contract linked to robo-signing scandal
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...