The Board of Anglo Irish Bank met this evening following the decision of the Government not to proceed with the recapitalisation of the Bank. The Government advised the Board of its willingness to take the Bank into public ownership. The Board will work fully with the Government to ensure the long-term commercial viability of the Bank.

Anglo Irish Bank will continue to trade normally as a going concern and accordingly customers and providers of funding can be fully assured of the safety of their deposits and investments, which remain State guaranteed. The Board and management are committed to driving the business forward on an independent and commercial basis.

The Government has confirmed that all employees remain employees of the Bank.

The purpose of the EGM, planned for tomorrow, Friday 16 January, no longer exists. It is intended as a result to open and adjourn the meeting as the proposals tabled are no longer relevant.