Dublin - Irish Prime Minister Brian Cowen said Friday that it was "business as usual" at the nationalized Anglo Irish Bank as trading in its shares was suspended on the Dublin stock exchange, Irish national broadcaster RTE reported.

Finance Minister Brian Lenihan said late Thursday that the Irish government would take complete control of Anglo Irish after it deemed a plan to inject cash into Ireland's third-largest bank "not now the appropriate and effective means to secure its continued viability."

"The funding position of the bank has weakened and unacceptable practices that took place within it have caused serious reputational damage to the bank at a time when overall market sentiment towards it was negative," Lenihan said in a statement.

Anglo Irish Bank would continue to trade normally as a going concern "with appropriate government support as necessary" and all employees would remain employed by the company, Lenihan said.

Recently appointed chairman Donal O'Connor would remain in his job, he said.

Speaking during a visit to Japan Friday, Cowen said that the market had continued to lose confidence in the bank after Christmas owing to "corporate governance issues" and this had prompted the government move, RTE reported.

The bank's chairman and chief executive both resigned in December and its finance director last week over controversial secret loans to directors.

Shares in Anglo Irish have collapsed from a high of over 17 euros (22.50 dollars) in 2007 to just 22 euro cents at the close of trading in Dublin on Thursday.

The government said the bank's balance sheet was 100 billion euros "with a substantial deposit base which the state is determined to safeguard."

Last year, Ireland was the first EU member to guarantee all deposits in its banks amid global the credit crisis. (dpa)