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Anglo Irish Bank is taking legal action against its former auditor Ernst & Young for failing to spot the lender's massive exposure to the Irish property bubble.
Anglo suffered the largest corporate loss in the history of the country when the bubble burst. Ernst & Young said it would "vigorously defend" itself against the claims. It is the first time that an Irish bank has sued an ex-auditor over its conduct in the run-up to the financial crisis. The bank, based in the Republic of Ireland, said it took the legal action against Ernst & Young on Tuesday, in proceedings that "relate to the role of Ernst & Young as auditors to Anglo Irish Bank Plc pre-nationalisation"....Read more here: BBC News - Anglo Irish Bank in legal action against Ernst Young
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Anglo Irish Bank in legal action against Ernst & Young
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#15corpio commentedEditing a commentFailed bank IBRC, formerly Anglo Irish, is to be liquidated as part of a deal to ease Dublin's huge debt burden. The Republic of Ireland's central bank governor, Patrick Honohan, will discuss a plan with the European Central Bank (ECB) on Wednesday evening, according to the Reuters news agency. Liquidation may mean that Dublin can delay the repayment of debts associated with the bank's bailout by many years. An update is expected to be provided to the Irish Parliament late on Wednesday. If Ireland gets ECB approval for the liquidation, IBRC's loans would be transferred to the National Asset Management Agency (Nama), the Irish "bad bank" responsible for recovering the value of problematic loans made by other Irish banks.......Read more here
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