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    Posted August 28, 2012 by
    pressnews
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    Dublin
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    An iconic symbol of Irish Recession

    By pressnews  |  Posted August 28, 2012  |  Dublin
     

    CNN PRODUCER NOTE     iReporter pressnews captured this image of an incomplete building, one of several now littering the streets of Dublin, Ireland after its housing market collapsed and sent the country into a severe financial crisis. "The Anglo Irish Bank was supposed to have their headquarters here, but it is still unfinished due to the fact that this bank had an economic crisis and lost billions of Euros due to massively lending money to builders and financial companies," he said. After lying desolate for months, the building has been bought by another bank which will use it for its own headquarters.
    - 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.

     

    Donald Piccione

    Dublin, Ireland

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