Ireland to Take Majority Stake in Anglo Irish Bank, Times Says

By Louisa Nesbitt

Dec. 20 (Bloomberg) -- The Irish government plans to inject 3 billion euros ($4.2 billion) into Anglo Irish Bank Corp., becoming the lender’s majority shareholder, the Irish Times reported, without citing anyone.

The state wants to reach an agreement on the recapitalization of Dublin-based Anglo this weekend and is also looking at the possibility of injecting cash into Allied Irish Banks and Bank of Ireland, the newspaper said.

Officials want to make a statement on Anglo and a wider recapitalization before the stock market opens on Monday, the Times said. The government plans to offer existing shareholders the chance to take part in the Anglo investment, the paper said.

Irish Finance Department spokesman Eoin Dorgan didn’t immediately return calls from Bloomberg News to his mobile phone seeking comment on the article.

To contact the reporter on this story: Louisa Nesbitt in Dublin at lnesbitt@bloomberg.net.