How Ireland’s banking turmoil has unfolded during three years of escalating problems

2007

May: Anglo Irish Bank’s shares peak at more than €17 (£15) each.

2008

30 September: Amid international banking turmoil, the Irish government announces a €400bn guarantee scheme covering the country’s six main banks, including Anglo Irish

18 December: “Seanie” FitzPatrick resigns as the bank’s chairman and admits he hid more than €80m in secret loans from shareholders

21 December: Government recapitalises Anglo Irish with €1.5bn

29 December: Anglo Irish shares plummet to just 12 cents

2009

15 January: The government is forced to nationalise Anglo Irish

30 January: One-time billionaire Sean Quinn reveals his family has lost €1bn on risky Anglo Irish stock deals – the figure subsequently rises to €2.8bn

10 February: Irish Life & Permanent confirms it deposited €7bn in Anglo Irish in September 2008 to boost the balance sheet, forcing IL&P’s chief executive and two directors to resign

20 February: Anglo Irish’s annual report shows it lent €451m to 10 big customers to buy shares in the bank. A PricewaterhouseCoopers report finds Anglo has 15 customers who owe the bank more than €500m each

24 February: Anglo Irish HQ in central Dublin is raided by the fraud squad and white-collar crime investigators seize documents and computers

9 December: A budget delivers savings of over €4bn. The public service pension age rises to 66 from 65

2010

18 March: Fraud squad detectives arrest FitzPatrick over the fraud investigation and release him without charge

31 March: Anglo Irish reports the biggest corporate loss in Irish history – €12.7bn

12 July: FitzPatrick is declared bankrupt in the high court

31 August: Anglo Irish’s record losses soar to new heights: €8.2bn for the six months to June 2010

24-25 August: Standard & Poor’s cuts Ireland’s long-term rating by one notch to AA- and assigns the country a negative outlook. Moody’s cut its rating to Aa2 in July.

28 September: Standard & Poor’s and Fitch warn Ireland’s rating is at risk of further downgrades, triggering a fresh leap in borrowing costs

30 September: Ireland’s central bank says the Anglo Irish bailout could ultimately cost taxpayers €34bn

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