Anglo Irish Bank
A former Irish commercial bank whose concentrated property lending contributed to its collapse during the Irish banking crisis, nationalisation, merger into IBRC, and eventual liquidation.
Last updated August 22, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
Overview
Anglo Irish Bank was an Irish commercial bank established in 1964 and headquartered in Dublin. Unlike the country's large universal banks, it was principally associated with corporate banking, commercial lending, property-development finance, treasury and wealth-management activities. Its retail presence was limited and concentrated in major Irish cities. The bank also operated through or maintained businesses in Austria, Switzerland, the Isle of Man, the United Kingdom and the United States. During Ireland's property boom, Anglo Irish expanded rapidly by lending to builders, property developers and wealthy business people. Its loan book became highly concentrated in real estate, while its funding model relied substantially on wholesale markets. That combination left the institution unusually vulnerable when Irish property prices declined and international credit markets tightened during the global financial crisis. Falling collateral values, impaired loans and funding pressure damaged both the bank's solvency and its ability to operate independently. The bank's difficulties became a major part of Ireland's banking crisis. In December 2008, the Irish government announced a capital injection that would give it a controlling stake, effectively beginning nationalisation. The government then took full ownership under the Anglo Irish Bank Corporation Act 2009, enacted in January 2009. The state supplied further capital during 2009 and 2010 and supported the bank while its impaired assets were transferred or prepared for resolution. Anglo Irish became one of the largest contributors of assets to Ireland's National Asset Management Agency. The crisis also exposed governance and lending controversies. These included loans to directors and connected persons, lending associated with major borrowers and investors, and questions about the quality of security and risk controls used in property-related transactions. The revelation that loans to former chairman Seán FitzPatrick and former director Lars Bradshaw had been moved before year-end reporting contributed to senior resignations and intense political and regulatory scrutiny. The bank's 2009 results showed exceptionally large impairment charges and losses, illustrating the scale of the deterioration in its loan book. In July 2011, Anglo Irish legally merged with Irish Nationwide Building Society and the resulting institution was named Irish Bank Resolution Corporation, or IBRC. The renaming reflected a shift away from ordinary commercial banking toward the management, recovery and disposal of legacy assets and liabilities. In 2011, accounts for UK savers were transferred to Allied Irish Bank (GB). IBRC was placed into liquidation in 2013. Anglo Irish Bank therefore survives primarily as a case study in concentrated property lending, weak governance, crisis-era state intervention and bank resolution rather than as an operating financial brand.
History
Anglo Irish Bank was founded in 1964 and developed as a specialist Irish corporate and commercial bank. Its activities included business lending, property finance, treasury and wealth management, while its consumer-facing presence remained limited. The institution later built an international footprint involving Austria, Switzerland, the Isle of Man, the United Kingdom and the United States. The bank's expansion coincided with Ireland's property boom. It lent extensively to builders, developers and other commercially active borrowers, and its balance sheet became particularly sensitive to real-estate prices. The concentration was reinforced by reliance on wholesale funding and by transactions in which loan-to-value ratios and borrower guarantees provided limited protection against a broad property decline. When the Irish property market turned downward in 2008, collateral values fell and loan impairments increased sharply. The global credit crisis also made refinancing more difficult. Anglo Irish's condition became a systemic concern. In December 2008 the Irish government announced a proposed €1.5 billion capital injection for a 75% stake. The shares were subsequently suspended, and the government took all shares under legislation enacted on 21 January 2009. Between June and September 2009, the Minister for Finance supplied €4 billion in capital. The state also supported the bank through additional commitments and a promissory note announced in March 2010. The European Commission authorised temporary state aid in August 2010, including funding connected with regulatory capital requirements and the transfer of loans to NAMA. The bank's governance came under particular scrutiny. Seán FitzPatrick and Lars Bradshaw had borrowed to acquire Anglo Irish shares, while FitzPatrick's loans were transferred to another bank before year-end audits during several years. The practice understated the loans shown as outstanding to directors in published accounts. FitzPatrick, chief executive David Drumm and Bradshaw resigned in December 2008. The Central Bank of Ireland said the practices were inappropriate and continued monitoring and investigation. Further controversy involved loans to connected persons and large borrowers, including interests linked to EMPG and the Quinn group. In February 2009, Gardaí searched the bank's offices. Anglo Irish reported results for the 15 months ending December 2009 with a €12.7 billion loss, including €15.1 billion of impairment charges. Assets fell from €101.3 billion in September 2008 to €85.2 billion at the end of 2009. The bank became a major source of assets for NAMA, with substantial loans identified for transfer. In September 2010, the government announced a plan to separate legacy-loan recovery from funding and deposit functions. Anglo Irish sold its Austrian subsidiary to Valartis Bank in September 2008. In 2011, UK saver accounts were moved to Allied Irish Bank (GB). On 1 July 2011, a High Court transfer order moved Irish Nationwide Building Society's assets and liabilities into Anglo Irish. The combined entity was renamed Irish Bank Resolution Corporation. Its purpose was to recover or dispose of legacy assets and manage liabilities rather than rebuild a normal commercial banking franchise. IBRC was liquidated in 2013. The Anglo Irish episode remains closely associated with Ireland's property bubble, bank-governance failures, state support and the restructuring of the Irish financial system.
- 2013
Successor enters liquidation
[1]IBRC entered liquidation, ending the institution's operating life.
- 2011
Merged into Irish Bank Resolution Corporation
[1]Anglo Irish and Irish Nationwide were combined, and the successor was renamed IBRC.
- 2010
Government announces separation of recovery and funding functions
[1]The state proposed an asset-recovery bank and a separate funding bank to manage the nationalised institution.
- 2009
Bank nationalised
[1]All shares were transferred to Ireland's Minister for Finance under the Anglo Irish Bank Corporation Act 2009.
- 2008
Property downturn exposes concentrated loan book
[1]The decline of Ireland's property market placed the bank's developer and builder lending under severe pressure.
- 2008
Austrian subsidiary sold
[1]Anglo Irish sold Anglo Irish Bank Austria to Valartis Bank before the parent was nationalised.
- 1964
Bank founded
[1]Anglo Irish Bank was established in Ireland and later developed into a corporate and commercial banking institution.
Products and positioning
A corporate and commercial bank focused heavily on property-related lending; after nationalisation, its successor functioned primarily as a resolution and legacy-asset management institution.
Commercial banking
Corporate banking
Banking services for companies and commercial customers were central to Anglo Irish's historical identity. The business included relationship banking, credit facilities and other services for enterprises rather than a broad mass-market retail proposition.
Commercial lending
Property-development finance
Loans and structured finance for builders, property developers and related commercial projects became one of the bank's largest activities during Ireland's property boom. This concentration subsequently generated much of the institution's credit risk and impairment losses.
Business lending
Commercial lending
Anglo Irish provided lending to businesses and commercially active borrowers. Available references describe the business at a sector level but do not establish a complete catalogue of named loan products or terms.
Financial markets
Treasury and wholesale banking
Treasury and wholesale funding activities supported the bank's balance sheet and international operations. Dependence on wholesale markets increased the institution's vulnerability when global credit conditions deteriorated.
Wealth services
Wealth management
The bank maintained a wealth-management division alongside its corporate and commercial activities. The available material does not provide enough detail to identify specific branded wealth products.
Controversies
2009
Investigation into lending practices
Gardaí searched Anglo Irish offices as questions intensified over governance, connected lending and the bank's role in the Irish banking crisis.
2009
Connected borrowers and property lending
The bank faced criticism over large exposures to entrepreneurs and associated groups, including borrowers linked to EMPG and the Quinn group, and over lending secured by assets whose value fell sharply.
2009
Mainland Ventures hotel-fund litigation
Investors sued Anglo Irish and its Delaware subsidiary Mainland Ventures Corporation over alleged concealment connected with a hotel investment fund. The referenced material describes the case as pending at the time.
2008
Loans to directors and reporting controversy
Loans to chairman Seán FitzPatrick and board member Lars Bradshaw were used to acquire Anglo Irish shares. FitzPatrick transferred loans before year-end audits, causing published director-loan figures to understate the amounts outstanding. The controversy led to resignations and regulatory scrutiny.
Brand decisions
2011
Merger with Irish Nationwide Building SocietyM&ABackground
Both institutions were being managed by the state after the Irish financial crisis.
Action taken
A High Court transfer order moved Irish Nationwide's assets and liabilities into Anglo Irish, creating the Irish Bank Resolution Corporation.
Aftermath
The combined entity focused on recovery and disposal of legacy assets and was later liquidated.
2010
Separation into recovery and funding entitiesStrategyBackground
The nationalised bank needed to isolate impaired legacy loans from the functions required to maintain funding and deposits.
Action taken
The government announced a plan for an asset-recovery bank and a separate funding bank.
Aftermath
The institution moved further away from ordinary commercial banking toward managed resolution.
2009
Nationalisation of Anglo Irish BankOtherBackground
Property losses and funding stress threatened the bank's viability and posed wider risks to Ireland's financial system.
Action taken
The Irish state transferred all shares to the Minister for Finance and supplied substantial capital support.
Aftermath
The bank operated under state ownership while its assets were restructured, transferred and prepared for resolution.
Government capital commitment reported in March 2010. €12.3 billion (By 31 March 2010)
Sources1 sources
Cite this profile: Cite the canonical profile. /brand-wiki/anglo-irish-bank · Editorial policy · How profiles are compiled