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Posts tagged ‘Bank of Ireland’

Bank Of Ireland (Here to milk you dry)

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The crooks at Bank of Ireland continue to steal from their hard pressed customers by applying penal interest on mortgages and charges just to lodge or take out customers own money! Yes my friends I went into my local bank yesterday to lodge a check into my own account: Because I do not have a ATM Card on my account I had to stand in the queue to the teller to do the lodgement! As I came to the bank teller I was advised that I would be charged .60 cent for the privilege of lodging my own money into my own account The same teller told me if I was to get a ATM card for this account I would only be charged 20 cent ! Of course I would also have to pay the governments tax on this ATM card as well. While it is not a huge amount it is no less the principal this corrupt financial institution that has been instrumental in the financial meltdown of our country still allowed to continue to rob its own customers! As there is only 3 Banks in the country that caters for the ordinary Joe we have been again delivered up to these corrupt gangsters by the Government again to be fleeced and robbed so these same corrupt financial institutions can bolster their own nonexistent funds ahead of some sale to faceless moneymen in the not too distant future when the bank vaults are full once again of taxpayers money! Sickening! When will we put an end to this corrupt system??

How two billionaires made huge killing on BoI shares

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Photo by thepressnet.com

US-based Wilbur Ross and Canada‘s Prem Watsa slashed their stake in the Irish bank by a third yesterday, selling a 6.4pc holding for around €690m.

It’s more than the €600m the pair paid for three times that size of shareholding in 2011 – and leaves them with a 12pc stake in Bank of Ireland that is worth a cool €1.2bn based on yesterday’s trading price.

Shares bought for 10 cents each in 2011 were sold for just under 33 cents in yesterday’s deal.

The huge windfall for the investors is likely to spark debate about whether the Government here allowed Bank of Ireland to be sold too cheap in 2011.

Seeing successful investors cut their stake will also prompt speculation that the time may be ripe for Finance Minister Michael Noonan to sell some of the taxpayers’ 14pc stake in the bank – which has also tripled in value since 2011.

Yesterday’s deal came about after “an inbound inquiry” from Deutsche Bank, not because he was looking to sell, US-based Wilbur Ross told the Irish Independent.

“We simply responded to an inbound inquiry from Deutsche Bank. We are happy to retain about two-thirds of our shares and have no present intention to sell any more,” Mr Ross said.

He is “totally supportive” of the bank’s strategy and tactics and will continue to be active on the board, he said.

Deutsche Bank sold the stake on to so-called “institutional investors”, the kind of pension funds and insurance companies once seen as natural bank investors.

“Bank of Ireland has been one of our most successful investments,” Prem Watsa said yesterday.

Mr Ross has been a director of Bank of Ireland since June 2012. Before yesterday’s deal he was the biggest private sector shareholder in Bank of Ireland, owning around 9pc of the bank.

Forbes Magazine‘ estimates Wilbur Ross’ wealth at €2bn.

Lower profile Prem Watsa is though to be worth even more. His Fairfax Financial owned a slightly smaller stake and is the bank’s second biggest shareholder. At one stage he was also a director of the bank, but since last year he has been represented on the bank board by non executive director Bradley Martin……………………..

full article at source: http://www.independent.ie/business/irish/how-two-billionaires-made-huge-killing-on-boi-shares-30063647.html

“countries about to go bankrupt should draw on the private wealth of their citizens”

in what is sure to be met with cries of derision across the European Union, in line with what the IMF had previously recommended (and we had previously warned as inevitable), the Bundesbank said on Monday that countries about to go bankrupt should draw on the private wealth of their citizens through a one-off capital levy before asking other states for help. As Reuters reports, the Bundesbank states, “(A capital levy) corresponds to the principle of national responsibility, according to which tax payers are responsible for their government’s obligations before solidarity of other states is required.” However, they note that they will not support an implementation of a recurrent wealth tax in Germany, saying it would harm growth. We await the refutation (or Draghi’s jawbone solution to this line in the sand.)

Via Reuters,

Germany’s Bundesbank said on Monday that countries about to go bankrupt should draw on the private wealth of their citizens through a one-off capital levy before asking other states for help.

The Bundesbank’s tough stance comes after years of euro zone crisis that saw five government bailouts. There have also bond market interventions by the European Central Bank in, for example, Italy where households’ average net wealth is higher than in Germany.

(A capital levy) corresponds to the principle of national responsibility, according to which tax payers are responsible for their government’s obligations before solidarity of other states is required,” the Bundesbank said in its monthly report.

It warned that such a levy carried significant risks and its implementation would not be easy, adding it should only be considered in absolute exceptional cases, for example to avert a looming sovereign insolvency……..

full article at source: http://www.zerohedge.com/news/2014-01-27/bundesbanks-stunner-broke-eurozone-nations-first-bail-your-rich-citizens

Comment:

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Citizens of Ireland, get ready to have your bank account raided by Mr. Noonan and his gangster’s pals in the Irish Government! They are about to come and steal your money under the guise of saving your bank from bankruptcy: Welcome to Bail-ins!

Get you money out of these Zombie Banks before it’s too late!

Irish Finance Ministry Reveals It Has Lost Banking Crisis Files

We are sure there is a joke in here somewhere but it is no laughing matter.
Following a request for copies of 8 documents  of correspondence between
Ireland’s (former) finance minister and the nations’ largest bank
executives
, the Irish minstry of finance has been forced to admit that
it cannot find two out of the eight. The documents, previously
100% redacted, raises questions as to whether other documents have gone
‘missing’. As RTE
reports
, the Department of Finance said it had carried out a widespread
search for the documents and it was not clear why the original versions
could not be located
. Those darn leprechauns… We are sure, however,
it
has nothing to do with the Irish banks “picking bailout numbers out of their
arses.”

Documents relating to the banking crisis have gone missing at the Department of Finance.

The department has conceded that some correspondence forwarded from Bank of Ireland to the former minister for finance Brian Lenihan can no longer be located.

In 2009, the department was asked under Freedom of Information to release copies of all correspondence between the late Mr Lenihan and the chief executives of the banks during the period August 2008 to March 2009.The department released eight items.Late last year, Sinn Féin finance spokesperson Pearse Doherty requested repeat copies of these documents.He was told that two out of the eight could no longer be found.When released in 2009, both had been completely redacted.They concerned correspondence between the governor of Bank of Ireland Richard Burrows and an advisor to the Jupiter group, Noel Corcoran.Jupiter was trying to buy Bank of Ireland at the time.Mr Doherty said the fact that the department could not locate records was worrying ahead of the banking inquiry.He said it raised questions as to whether other documents may have gone missing.

In a statement to RTÉ News this evening, the Department of Finance said it had carried out a widespread search for the documents and it was not clear why the original versions could not be located.It said that it had undertaken a project which would ensure the completeness and integrity of its records from the time of the bank guarantee.It said that it was not aware of any documents relating to the bank guarantee which may have gone missing.Mr Doherty said: “These letters existed in 2009.  They were released but the content was fully redacted to a journalist under the Freedom of Information legislation.”However I have now been informed that these letters have gone missing …………..

full article at source: http://www.zerohedge.com/news/2014-01-10/irish-finance-ministry-reveals-it-has-lost-banking-crisis-files

Comment:

By Thomás Aengus O Cléirigh

All I can say is in this photo!

carers2

The Department of Finance is still run by the same incompetent civil servants (at best) that served under the Gombeen Lenihan, they have a vested interest to make sure their political masters are kept safe! These crooks must not be allowed to get away with this treachery! Naturally there is a cover-up and we the citizens will be hoodwinked and bamboozled into accepting hogwash and lame excuses. There may even be the promise of an investigation but nobody will be found to have done anything wrong! Democracy in Ireland is dead we are now living in a dictatorship of the Bankers and the gangsters who support them through the Irish civil service! The time has come to call these “faceless corrupt servants” of the people to account!

Tip of the Day Get you money out now from AIB and Bank of Ireland!

European Central Bank president Mario Draghi has raised concerns about the health of Irish banks, urging “decisive” action on issues revealed by a recent balance-sheet assessments before European stress tests next year.

Addressing the European Parliament, Mr Draghi said while the balance-sheet assessments of the Irish banks had identified no capital shortfall, there were needs for adjustments for provisions and risk-weighted assets.

“This should be addressed before the SSM assessment,” he said in a response to a question from Irish MEP Gay Mitchell.

Under the original terms of Ireland’s EU-IMF rescue, Ireland was obliged to undergo a full health check of its banks before the end of the programme.
Stress tests However, this was downgraded to a “balance-sheet assessment” after Dublin argued it should not be treated differently from other countries in next year’s Europe-wide stress tests.

Mr Draghi emphasised yesterday that the balance-sheet assessments by the Irish Central Bank were “not forward-looking” and fall short of the “stringent” stress tests that would be required next year.

Ireland’s three main banks – Bank of Ireland, AIB and Permanent TSB – informed the market last month the Central Bank tests had been completed and that no capital requirements had been required.

However, the full results of the tests were not published.
Commercial loans Bank of Ireland revealed that the Central Bank had concluded that it should take an additional €1.3 billion in provisioning against its mortgage and commercial loans, while Permanent TSB chief executive Jeremy Masding told The Irish Times that the bank would be taking extra provisions for bad loans following the reviews. AIB has yet to comment on whether provisions are needed.

Mr Draghi also said the ECB had “a more cautious assessment” of Ireland’s budget for 2014 even if targets were likely to be met. However, he noted that the deficit-to-GDP ratio, which has been credibly set at 4.8 per cent, overperforms relative to the requirement of 5.1 per cent set out in the European Commission’s excessive deficit procedure.

source: http://www.irishtimes.com/business/sectors/financial-services/draghi-expresses-concern-about-health-of-irish-banks-1.1629952

see also related news: http://www.zerohedge.com/news/2013-04-29/728-trillion-presenting-bank-biggest-derivative-exposure-world-hint-not-jpmorgan

also:http://www.bloomberg.com/news/2013-09-30/bank-secrets-exposed-in-eu-s-credit-derivatives-antitrust-probe.html

Comment:

AAAA

The hidden and off the books derivatives losses by the Irish banks are now becoming so large that even Draghi and his associates are heading for cover ! Once the Irish banks are forced to acknowledge these losses we can expect a cascade effect throughout Europe and all this will land at the door of Deutsche Bank with its $72.8 Trillion derivatives exposures. Still Draghi knows with 156 billion on deposit in Irish banks they can plunder at least 35% of this FREE Cash from the Gullible Irish depositors!

Tip of the Day Get you money out now from AIB and Bank of Ireland!

MSI Radio Royal Bank of Ireland

Why Danske Bank Pulled Out and What it Says About the Irish Banks

By Rory Gillen

It’s more bad news on the jobs front from the Irish banking sector, but something doesn’t quite tie up. The full scale retreat from the Irish banking market of ACC and Danske Bank – and rumours suggest Ulster Bank may be next – comes at a time when the worst has passed and banking margins and profits are on the up. It’s not just bad news on the jobs front; it’s also bad news for consumers and small businesses which are looking at a retreat to 1980s-style duopoly banking.

Rabo Bank, the owner of ACC, is well capitalised and might be excused for wanting to rid itself of a problem child and confine to history a poor move in the first place. Danske bank, it seems, may be reacting to not only increasing regulatory pressure in its home market, Denmark, for stronger capital ratios but also increased political pressure………………..

full article at source:  http://www.gillenmarkets.com/featured_articles/irish-banks-under-capitalised-and-a-government-in-denial.cfm

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