Irish Times reported to-day; that a Canadian bank had made a proposal to take a stake in AIB but that it wouldn’t make the move until AIB’s development loans are transferred to Ireland’s National Asset Management Agency. The paper said it is believed to be one of Canada’s five biggest banks.
The Irish Times said that the talks began two weeks ago but that any move is unlikely to develop in the near term pending the outcome of AIB’s talks with NAMA.
AIB sold a 25% stake to the Irish government earlier this year for EUR3.5 billion to help boost its finances after it was hit hard by the collapse in Ireland’s property market.
What a waste of public money looking at to-day’s closing prices!
But the fact is that there are now a lot of vulchers circling Irish Banks at these prices!
Particularly Allied Irish Bank even with the Supreme Court ruling one would have expected the shares to plummet again but no, they are up at least 20% since then I wonder why??
Maybe the market has already discounted this bad news and thus the share price is in fact a steal at these levels
This also shows that the people who are advising the current government on matters Banks and the financial well being of the Irish State should be brought out and hanged
Currently the bank is worth approx 2.7 billion with 460 million shares out and only 1.9% shares held by institutions(vulchers circling Irish Banks) the ordinary retail share holder is in the firing line and could be in for another hit before the vulchers decide to come down and feast on its carcass
Remember telecom eireann so watch out!
The government can piss off the ordinary punter but not the international institutional investors