Anglo Irish Bank could close within months

New York /
Nov.November 29, 2010 02:12 PM

Lender Anglo Irish Bank will cease to exist within a few months’ time, according to Ireland’s central bank. The bank’s “nameplate” will be removed in early 2011, as the lender is wound down as quickly as possible and its deposits are given a “comfortable home,” said Governor Patrick Honohan. According to Bloomberg News, the central bank today issued a statement saying that it’s working on a new restructuring plan for the bank, which will be filed to the European Commission by the end of January. The government had previously set a time frame of as much as 15 years for winding down the battered lender. Meanwhile, the lender, which financed projects like Yair Levy’s 225 Rector Place and the Apthorp, is rapidly unloading many of its troubled New York real estate assets, including Alexico-developed hotels like the Alex and the Flatotel. Today, the Wall Street Journal reported that the $147 million defaulted construction loan on the Setai Wall Street condominium at 40 Broad Street has also gone up for sale. “It’s clearly impossible to close an organization of this size overnight,” Anglo Irish CEO Mike Aynsley told Bloomberg News.  [Bloomberg]


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