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Latest Anglo surgery completed
Read more about: Economy, NAMA 
Rediscovering his “mandate” mojo on Election Eve, Brian Lenihan has moved virtually all of Anglo’s deposits and NAMA bonds to AIB. An impolite question: where exactly is AIB getting the €3.5 billion in cash that it’s paying for the NAMA bonds? Yes, it just sold the Polish operation to Banco Santander but that cash was supposed to be for shoring up its own capital, not for transfer to Anglo. And what will Anglo do with that cash? One more thing. The Dept of Finance FAQ on the move says –
The continued and on-going existence of Anglo and INBS has been a factor in the destabilisation of the Irish banking system in recent years.
Now you tell us?
Am I stupid or does this mean that whatever cash was ledt in Anglo an Ir ish Nationwide is now gone and there is nothing left but the debts which are now a liability on the taxpayer?
EddieL, it’s not as bad as that because they’ve now extracted the deposits from Anglo and can deal with the bondholders separately.
But in answer to the original question in the post, see
http://blog.cornerturned.com/2011/02/25/aibs-e3-5bn/
Keep the Disprin handy.
@ P. O’Neill, the money from the sale of the Polish assets is not due until after 1st April, so not a factor here.