Anglo Irish Bank goes belly up !

The state had moved to plough 1.5 billion euro (£1.4 billion) into the bank, which has lost three top executives over a secret loans fiasco.Irish Government is to take over the troubled Anglo Irish Bank.But the Department of Finance said recapitalisation was not the way to secure its future.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."