Anglo-Irish Bank will be wound up

The Irish Government will today ask the European Commission for permission to "decommission" the nationalised Anglo Irish Bank.

The EU Commission is reportedly keen to wind down the failed institution rapidly, but the bank's management still believes it would better to keep a rump open, according to an interview with the bank's chief executive, Mike Aynsley, in the Irish newspaper, The Sunday Business Post.

"The European Commission is saying: 'This bank has dropped €25 billion and it doesn't deserve to survive.' And they're right. But you have a dysfunctional banking system," Mr Aynsley said.

Irish ministers will ask the Commission if Anglo Irish could be wound down over a period of up to 15 years, arguing that a quicker closure would be too costly. Mr Aysnley told The Sunday Business Post that a split between a "good bank" and a "bad bank" "doesn't look like it is going to happen".