Anglo Irish Bank Bill should be rejected; Huge known unknown for public finances
Jan 20th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The Anglo Irish Bank nationalisation Bill is to be rushed through the Oireachtas today with a mere 5 hours being allocated for debate. Far from being a simple procedure such as plugging a tax loophole, neither Taoiseach Brian Cowen, Finance Minister Brian Lenihan nor anyone else, know what huge sums will be required to put the two main clearing banks on a sound footing in future years, never mind the risk in running a bank with huge property exposures across Europe and the US. In Rumsfeldian terms, it's a known unknown.