Readers like you keep news free for everyone.

More than 5,000 readers have already pitched in to keep free access to The Journal.

For the price of one cup of coffee each week you can help keep paywalls away.

Support us today
Not now
Friday 1 December 2023 Dublin: 3°C
Bank Guarantee

BoI refused to take over Anglo on same day of guarantee

Anglo asked Bank of Ireland to take it over on the same day the government announced the bank guarantee.

ANGLO IRISH BANK requested to be taken over by Bank of Ireland on the same day the government extended the bank guarantee in September 2008, it has been revealed.

Realising that the bank was facing insolvency and may not being able to open the following day, Anglo chairman Sean Fitzpatrick and chief executive David Drumm approached Bank of Ireland governor Richard Burrows and CEO Brian Goggin and asked for a takeover.

The request was rejected, but prompted Drumm and Burrows to contact AIB. Both banks then requested a meeting with the government, which was at that time in the middle of crisis meetings.

Bank of Ireland and AIB met with Taoiseach Brian Cowen and Minister for Finance Brian Lenihan to highlight their concerns regarding Anglo – on the same day the blanket guarantee was announced.

The revelation is discussed in RTÉ’s two-part programme Freefall, which airs on RTÉ 1 tonight.