Michael Noonan, the Minister for Finance stated that the name change was important in order to remove "the negative international references associated with the appalling failings of both institutions and their previous managements".

[4] In December 2008, the Irish government announced plans to inject €1.5 billion of capital for a 75% stake in the bank, effectively nationalising it.

In a statement on 30 March 2010, a day before Anglo Irish Bank reported its financial results, the Minister of Finance Brian Lenihan announced an injection of €8.3 billion into the bank, noting that a further €10 billion may be required at a later stage to cover future losses and ensure an adequate capital base.

The European Commission allowed the Irish government on 10 August 2010 to temporarily grant €10 billion to Anglo Irish Bank – this included an additional €1.4 billion sought by Ireland to allow the nationalised bank meet its regulatory capital requirements in light of increased costs associated with transferring loans to the National Asset Management Agency.

A liability management exercise was also undertaken in August 2009 and €1.8 billion of equity was realised on the buyback, at a significant discount, of subordinated debt instruments.

[19] A Transfer Order was made by the High Court in Dublin under the Credit Institutions (Stabilisation) Act 2010 transferring the assets and liabilities of Irish Nationwide Building Society ("INBS") to Anglo Irish Bank Corporation Limited ("Anglo" or the "Bank") on 1 July 2011.

This achieves the legal merger of the INBS business into Anglo consistent with directions provided to both entities by the Minister for Finance, in consultation with the European Commission.

The Group is closely monitoring the situation and assessing the potential implications of this development which may have a negative impact on impairment charges in 2010."

Chairman Sean FitzPatrick, CEO David Drumm, and board member Lars Bradshaw resigned in December 2008, following the revelation of a loan scandal.

As a result, we continued to monitor and investigate this and as part of this process we advised Anglo-Irish Bank to ensure that these loans are reported in the annual accounts for 2008.

As of November 2009, twenty-one major, Irish investors are suing Anglo and its Delaware subsidiary, Mainland Ventures Corporation, for US$23 million due to "fraudulent and/or reckless concealment" perpetrated in regards to a hotel investment fund.

George Lee, TD for Dublin South, told journalists that EMPG, the parent company for US publisher Houghton Mifflin Harcourt, has failed with equity investors likely to be wiped out.

[27] George Lee commented:[28] It has been reported to me that the education materials company Houghton Mifflin Harcourt has failed, and that a number of Irish equity investors have lost significant sums of money as a result.

This incident adds further weight to Fine Gael's calls for an urgent investigation into the Irish banking crisis.

Fuller details of the goings-on within Anglo Irish Bank's risky lending practices are still emerging, and this development with Houghton Mifflin Harcourt sheds further light.

[32] Refusing to confirm the level of his indebtedness, O'Callaghan claimed to still be solvent and stated that he expects to honour all his obligations.

[citation needed] On 30 March 2010, following an application by Ireland's Financial Regulator, the High Court appointed joint provisional administrators to Quinn Insurance Limited.

[35] Given the magnitude of the loans to Anglo Irish Bank the company was reported to be considering a €700 million financial rescue of the Quinn group.

The Quinn group has taken action to counter the moves by the Financial Regulator including the mobilisation of its employees into street protests.

refusing to speculate on the need for a €550 million payment to bondholders, it noted that a re-financing, if it occurred, would not necessarily increase the overall debt of the Group.

[39] The company pledged to work hard to seek a resolution to the uncertainty created by the appointment of provisional administrators to Quinn Insurance.