The resulting estimated all-tranche NAMA haircut for each bank was the basis of the end-September announcement which led to an increase in the required capital of AIB, and to confirming the judgment that AIB would not be able to raise all of the needed capital from the market.
After reaching a high of just over € = $ some four days after its introduction in January 1999, the exchange rate of the Euro subsequently dropped by nearly 30 per cent to just below € = $ by October 2000. The second major event was the attacks on the United States on 11 September 2001.