November
Bailout
Go deeper with GlobalData
A joint EU-IMF bailout of €90bn is
agreed. Ireland’s prime minister was under pressure to quit as
Leasing Life went to press.
September
Big debts
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By GlobalDataThe Irish government reveals a
worst-case price tag of €50bn to clean up its banks, of which €34bn
is to wind down stricken Anglo Irish Bank.
August
Ratings decline
Standards & Poor’s downgrades
Ireland on concerns about the cost of a potential bail out. The
rating agency had already downgraded Ireland’s long term rating in
2009. Fitch also downgraded Ireland earlier in the year.
February
BoS cuts asset
finance
Bank of Scotland confirmed the closure
of its Irish asset finance division, citing poor returns. The
lender also closed its 44 Halifax retail branches in Ireland.
Altogether, some 750 jobs were lost.
December 2009
RBS pulls out
Royal Bank of Scotland cut 108 jobs at
Lombard’s Irish operation, and designated Lombard Ireland as
non-core. Finance union the Irish Bank Officials’ Association
ex-pressed shock at the announcement and asked Lombard to
reconsider.
September 2009
Friend First Finance winds
down
Friend First closed its asset finance
arm to new business, with 100 job losses. The portfolio will be
wound down until about 2006. Adrian Hegarty, group chief executive,
blamed “lack of availability of credit, at appropriate rates,
combined with the downturn in the Irish economy”.
March 2009
D&M
liquidates
Irish construction firm D&M
Utilities & Civil Engineering went into liquidation. Lombard,
one of D&M’s major creditors, was owed a significant sum.
December 2008
Cash injection
The Irish government injected €5.5bn
in the country’s three largest banks, taking control of Anglo Irish
Bank.
September 2008
Recession session
Ireland becomes the first eurozone
country to slip into recession since the US subprime mortgage
crisis sparked a global slowdown.
February 2008
Bank of Ireland Group
consolidates
The group closes its business finance division with the loss of
70 jobs, citing incompatibility with its long-term strategy. Motor
finance business Northridge Finance unaffected by the decision.
