Anglo-Irish Bank Corporation Act 2009

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Anglo-Irish Bank Corporation Act 2009

Legislation in Ireland that nationalized the Anglo-Irish Bank, which was in the process of collapsing. The bank had admitted in late 2008 to having hidden more than 80 million euros in loans from its balance sheet. This caused its share price to crash 98%, which necessitated a bailout in order to keep the Irish economy afloat, as the Anglo-Irish Bank was the third largest bank in the country.