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Timeline of significant events
The Economy
•
Sept ’08
– Global financial
crisis
•
Oct ’08
- Ireland officially in
recession mainly due to
overheated property &
construction markets
•
Feb ’09
– Unemployment
reaches 11%, highest since
1996, it peaks at 15% in 2011
•
Mar ’09
– Sovereign
downgraded from AAA
•
April ’09
– Govt introduces
supplementary budget with
severe cuts in public
expenditure
The Banks
•
Sept ’08
-Govt. guarantees
€440bn liabilities of Irish
owned banks
•
Oct ’08
– Other Euro
governments react to prevent
capital flows to Ireland
•
Dec ‘08
–Govt announces plan
to inject €5.5bn into banks and
underwrite capital raising of
AIB and BOI
•
Jan ‘09
– Govt abandons plan
to inject €1.5bn in Anglo Irish
Bank and instead nationalises
it
•
Feb ’09
-Govt says it will inject
€7bn into AIB and BOI
•
Apr ’09
– Govt creates “bad
bank” to buy assets from Irish
banks - NAMA
•
May ’09
– Govt injects €4bn
into Anglo
•
The Banks
•
Feb ’10
– Govt swaps 25% Pref
shares in BOI for 16% equity
•
March ’10
– NAMA buys first
batch of assets at avg. 47%
discount
IGTA eJournal | Summer 2015 | 35