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Irish government looks to wind down Anglo-Irish Bank

The Irish authorities are today in discussions regarding the future of Anglo-Irish Bank as Irish taxpayer liabilities and costs in relation to the bailout approach €25 billion. Not only is the Irish government keen to quantify the liability of taxpayers but the European Union would prefer to see a lid placed upon potential taxpayer liabilities in the short, medium and longer term.

While there's been no official announcement as yet it seems almost inevitable that Anglo-Irish Bank will be wound down over the next decade. The operation was nationalised after a number of alleged discrepancies appeared, in the midst of the economic downturn, and the authorities had no option but to step in as confidence in the Irish banking system began to crumble. The Irish authorities have already stepped forward to guarantee savings with Anglo-Irish Bank as a means of trying to allay the fears of consumers and businesses as well as investors in the country.

However, there is growing concern that government finances are now being stretched to limit and the cost of insuring Irish sovereign debt has increased significantly over the last few weeks. We should hear official statements from both the Irish government and Anglo-Irish Bank later this afternoon.

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