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Irish government forced to nationalise Anglo Irish bank

In what could be a sign of things to come in the UK it has been revealed that the Irish government has been forced to nationalise Anglo Irish bank after funding difficulties. The state had been willing to inject €1.5 billion into the business but then had a change of heart and decided to take the bank in-house for the moment. However, there is no need for customers to worry as the bank still has a €100 billion on its books and under state control has every chance of pulling through.

Ireland has for some time been seen as the template for recovery in the UK, although this latest blow to the Irish government could also have an impact in the UK. The UK government is currently working on a new bailout for the banks and there will be further concern about the strength of their asset bases after the nationalisation of Anglo Irish bank.

Despite the assumption that 2008 saw the bank's over the worst of the downturn, a number of analysts are expecting 2009 to be just as bad if not worse. It seems as though the UK financial system is still under substantial strain and further funding looks highly likely.

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