The Irish police yesterday raided the offices of Anglo-Irish Bank. The bank is at the centre of a loans for shares scandal that has rocked the Irish financial establishment.
For the past 15 years Anglo-Irish was the glamour stock amongst the Irish financial sector. The problems at the bank have come on top of the general banking crisis. Ireland, relative to its population, has one of the largest banking sectors in Europe. Parallels have been drawn with Iceland. The problem and have seen the Irish stock market plummet to levels last seen 14 years ago.
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