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The chairman of Anglo Irish Bank believes Europe rejected his proposal for a ‘good bank, bad bank split' over fears for how much it would cost the State.

Alan Dukes has been reacting to the Government decision to break Anglo up into a Funding Bank and an Asset Recovery Bank.

It is a variation of the plans put forward by Anglo for the future of the bank.

Mr. Dukes says it is now up to them to make this proposal work.

“If each of us has 100 euro for every time our advice was not taken we would be extremely rich people” he said.

“I think this is a very complex area in securing a recovery in the banking system; I don't think there is one single right answer that we can ever pretend is there”

“This is a view that the European Commission and indeed the Government here have taken”.

“Our job is to get on and make it happen” he added.

A leading market analyst believes Ireland will need to seek further help from the EU.

David Buik from BGC Partners says yesterdays decision will expose Irish tax-payers to insurmountable levels of debt.

“I'm not interested in what might happen – people need to know exactly the problem” he said.

“I think this is a really insurmountable problem and I think Ireland needs help from the European Union”.

“I can't see how the Irish people can possibly live and sustain debt of that nature without help – preferably from the European Union or the IMF – at absolutely knock-down prices” he added.

Davd Buik Comments: We Have To Make Anglo Plan Happen - NewsTalk Ireland

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