Together with the higher NAMA haircuts, this gave rise to the announcement that Anglo’s future losses over its remaining life-time in wind-down mode could imply a need for capital over € billion higher than had previously been pencilled in.10 The figure for INBS was almost € billion higher than at March 2010.
These figures were all announced11 on September 30, 2010, just after the expiry of the 2008 guarantee, an event which had been preceded by substantial maturities of bank paper and non-renewal of deposits, giving rise to a surge in the need for ELA funding from the Central Bank of Ireland.