News

Former Anglo Irish Bank shareholders invited to make submissions on pre-bailout shares

Former Anglo Irish Bank shareholders are being invited to contact a Government-appointed official who must determine whether their investment had any value when the bank was nationalised in January 2009.

Given the scale of losses borne by taxpayers who carried the €30bn costs of bailing out Anglo Irish Bank there is no prospect of a pay out for its former shareholders.

Following its nationalisation the bust bank was put into a special liquidation in 2013 under the control of Kieran Wallace and Eamonn Richardson of KPMG. They are still worked through the liquidation, with billions of euro of assets sold off and claims being settled with creditors including taxpayers who bailed out the stricken lender and controversially with some bondholders.

Separately, on November 16 last year, another official, David Tynan who is a partner at PwC, was appointed as Assessor to determine the fair and reasonable value of shares transferred and rights extinguished as a result of the State takeover of Anglo, under the terms of the 2009 nationalisation.

From Thursday, David Tynan will begin writing to former shareholders and advertising to alert anyone else with a possible claim, that he has begun that work. A website has been set up with details of the process.

Former investors are invited to make submissions in respect of the value of their former shares or other rights in Anglo Irish Bank as at 15 January 2009.

Submissions must be made in writing by email or by post by March 29 this year.

Following an initial assessment, a copy of a draft report will be sent to anyone who has made a valid submission, or who has been nominated by the Minister for Finance to receive a copy.

Anglo Irish Bank’s shares had collapsed well ahead of its nationalisation. They traded at €0.22 each on January 15, 2009. The same shares had peaked at €17 each in May 2007.

Article Source: http://tinyurl.com/kbwqb42

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