- Posted August 28, 2012 by
This iReport is part of an assignment:
I wish this was ...
An iconic symbol of Irish Recession
- sarahbrowngb, CNN iReport producer
This is probably the most iconic symbol or recession in Ireland, the former building of Anglo Irish Bank never completed. The bank heavy exposure to property lending, with most of its loan book being to builders and property developers, became affected by the downturn in the Irish property market in 2008, so its empire started to fall down. In 31 March 2011 for the year 2010 Anglo Irish Bank announced a €17.7 billion loss, breaking its own record for the highest corporate loss in Irish history
Recently and fortunately this building has been bougth by Irish Central Bank for 7 Million Euro in order to create its headquarter there.