Dec 21 (Reuters) - The Irish government said on Sunday it
would inject 5.5 billion euros ($7.68 billion) into the
country's three main banks. For full story, see: [ID:nLL475630]
[ID:nLL475602]
The following is a timeline of key events leading up to the
recapitalisation:
February 2007
Irish bank shares hit record highs, having trebled in value
since the start of the decade, driven by the 'Celtic Tiger'
economic boom which helped transform Ireland from one of
western Europe's poorest countries into one of the world's
wealthiest.
March 2007
Irish house prices fall for the first time in five years,
marking the beginning of a steady and sharp decline in the
country's bank shares as fears mount over the extent of their
exposure to a once booming property market.
Feb. 6, 2008
Irish Life & Permanent (IPM.I) Chief Executive Denis Casey
says sharp falls in Ireland's banking stocks have been a "huge
over-reaction" given the resilience and sound fundamentals of
Ireland's economy and banks. [ID:nL06695484]
May 7, 2008
Anglo Irish Bank ANGL.I posts a 15 percent rise in
first-half earnings and says it expects the same rate of growth
for the full year. [ID:nL07759789]
May 21, 2008
Bank of Ireland becomes the first of Ireland's leading
banks to hint profits may fall, responding to the worsening
economic slowdown at home and the deepening credit crisis
globally. [ID:nL20407421]
July 30, 2008
Allied Irish Banks says first half earnings fell 4 percent
and warns of a 10 percent drop for the full year but offers
shareholders a chunky dividend hike that it says reflects the
bank's capital strength.[ID:nL0556911]
Sept. 25, 2008
Ireland becomes the first euro zone country to slide into
recession in 2008, with economic activity in the former "Celtic
Tiger" at its weakest in a quarter of a century after its
property bubble burst. [ID:nLP667889]
Sept. 30, 2008
Ireland becomes one of the first countries to respond to
the Lehman Brothers collapse with a guarantee covering 400
billion euros of liabilities at six Irish-owned banks. The
package is later increased to 485 billion euros to cover
foreign-owned banks with significant operations in Ireland.
[ID:nLU103631]
Oct. 14, 2008
The Irish government hikes taxes and reins in spending in
an emergency budget and predicts its budget deficit risks
smashing EU rules. [ID:nLE66125]
Nov. 5, 2008
Allied Irish Banks says it plans to bolster its capital
without diluting existing shareholdings by revising dividend
payments and disposing of assets if necessary. [ID:nL5677034]
Nov. 13, 2008
Bank of Ireland posts a 34 percent fall in first-half
earnings and cancels its cash dividend to shore up its capital
position. [ID:nLD128258]
Nov. 29, 2008
Irish Finance Minister Brian Lenihan concludes talks with
banks, saying state involvement would be weighed on a case by
case basis and that the government had not proposed
consolidation in the sector. [nLS106667]
Dec. 14, 2008
The government responds to further steep falls in shares in
Ireland's banks by saying it will invest up to 10 billion euros
recapitalising them. [ID:nLE482222]
Dec. 16, 2008
A senior executive at Allied Irish Banks repeats that the
bank does not need extra capital. [ID:nLG374300]
Dec. 18-19, 2008
Anglo Irish Bank's chairman Sean FitzPatrick and chief
executive David Drumm resign within hours of each other over a
loan scandal in which FitzPatrick transferred loans of around
87 million euros that he had received Anglo to another bank.
[ID:nLJ082529]
Dec. 21, 2008
The Irish government says it will inject 5.5 billion euros
($7.68 billion) into the country's three main banks, leading to
the nationalisation of Anglo Irish Bank. [ID:nLL475630]
(Reporting by Paul Hoskins; Editing by Carmel Crimmins)
