I find myself wondering if I should attack another bott of ch neuf du pap or not wondering what of Anglo (RIP) was positive for Ireland.
Anglo today is a very different beast of 15/20 years ago. Now it is all ego and “smart“ banking. Seanie led this charge – in fairness he took the idea and made it work (too well). People discussed his modesty the way people discussed Quinn and Ronan’s legendary generosity or Dunne or McNamara’s solvency. But this rampant ego aside, Anglo did do at least as much for commercial property lending as Bank of Scotland’s trackers in the residential mortgage market.
It was depressing helping clients get money in the early nineties. AIB and BOI had this fucking massive barrier of credit committees that in the wake of the 1989 downturn turned down fucking absolutely everything that wasn’t plated in platinum. Anglo were different. Believe in your dream? If it’s good, sign over your life to us (personal guarantee) and we will give you the money with an appropriate risk premium charged. (Don’t ever think Anglo money is cheap).
Because of the cost, it was the bank you went to last mostly having been turned down by the others. But they were willing to deal. Now that was positive. Big risk premium charged by them, but good luck to them it was business that the other banks wouldn’t touch.
And then the bubble intervened and it all went tits up. AIB and BOI both decided than Anglo was being too successful and started cutting the margins on developer loans – a crucial mistake in misunderstanding the rick that Anglo was always compensated for. Anglo decided it saw it’s future in commercial property lending as opposed to development and has ballooned it’s book with loans with asset values gravitationally challenged.
Anyway, I wont miss Anglo. Far too many meetings with assholes, sexy investments in second rate UK shopping centres where the only activity was client raping, etc et fucking cet. Wankers.
But I do appreciate what they did.