Anglo Irish Bank shares suspended

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A planned EGM of Anglo shareholders, due to take place to discuss a 1.5 billion euro state rescue plan, will now be opened and adjourned.

In an 11th-hour twist, the Irish Department of Finance said recapitalisation was not the way to secure the troubled bank's future, which has lost four top executives over a secret loans fiasco.

It said its funding position had been weakened, and unacceptable practices - including the 87 million euro (£79 million) loans controversy - had caused serious damage to its reputation.

"The funding position of the bank has weakened and unacceptable practices that took place within it have caused serious reputational damage to the bank at a time when overall market sentiment towards it was negative," a statement said.

"Accordingly, the Government believes that the recapitalisation is not now the appropriate and effective means to secure its continued viability. Therefore the Government must move to the final and decisive step of public ownership."

Anglo announced early on Friday that it had requested its shares be suspended from trading on the Irish Stock Exchange and the London Stock Exchange.

Once the flag bearer of the Irish economy, shares were worth 17 euro in 2007, but on Thursday closed at just 22 cents.

The Government said it had taken the nationalisation decision after consulting the board of the bank. Talks were also held with the Central Bank and Financial Regulator, both of which confirmed Anglo Irish remained solvent.

The Government said the institution was of systemic importance to Ireland and had a balance sheet of about 100 billion euro (£90 billion). It pledged to keep all employees with the company and said shareholder rights would be respected in the takeover, with compensation plans to be drawn up.