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Sovereign Wealth Funds Briefing - Categorized | Financials, Investment

Irish bailout stokes fresh fears on credit rating

Posted on 04 October 2010

From Fundstrategy.co.uk: The Irish government has injected new bailout money into Anglo Irish Bank, taking total bailout costs at the troubled lender to €29-34 billion (£25-29 billion). In the meantime, Ireland will tap its national pension fund, its cash reserves and its sovereign wealth fund to fund the bank bailouts, whose costs are running at €10,000 for every member of the population.
In an interview with the Financial Times, Brian Lenihan, the finance minister, said an Anglo Irish failure would “bring down” the country. The government has moved to ensure an orderly unwinding of the bank’s troubled assets……………………………………….Full Article: Source

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