Gerard O’Neill on Anglo

Gerard O’Neill, economist and director of Amarach Research, has some interesting observations on Anglo over on his blog, Turbulence Ahead. After quoting a section from their most recent report, he says…

So there you have it: the bank that’s going to cost us northwards of another €18 billion to ‘save’, isn’t actually lending, and the lending ‘increase’ they report is entirely the result of capitalising interest on unpaid loans (plus the fees they paid themselves). Alan Dukes, Anglo’s new chairman argues that closing Anglo rather than saving it would cost over €20 billion. It’s sort of getting to the point where closure looks like the more financially prudent option, don’t you think?

Read the full post at this link.

Related posts:

1. The Anglo spin begins
2. What did we buy when we got Anglo?
3. More Anglo FOIs
4. Anglo losses
5. Anglo leases and flights