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Irish government sought bank bailout from Libya

A report says that Brian Lenihan knew of a visit to Libya to secure funding for troubled Irish banks.

IRELAND SOUGHT TO SECURE a multibillion-euro bank bailout from the investment fund of Libya’s embattled leader Colonel Muammar Gaddafi late last year according to a newspaper report today.

The outgoing Finance Minister Brian Lenihan is believed to have been aware that a delegation from the National Teasury Management Agency (NTMA) traveled to Libya in December, according to The Sunday Times. (Subscription)

They attempted to secure a cash injection for the troubled Bank of Ireland, Allied Irish Banks or Anglo Irish Bank but talks are said to have stumbled because the Libyan Investment Authority (LIA) was worried about regulatory issues and unwanted attention.

Colonel Gaddafi’s regime in Libya is teetering on the brink of collapse following a popular uprising of demonstrators calling for his departure.

For more information read this story by Iain Dey in The Sunday Times (subscription) >

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