What is truth?

Posts tagged ‘Irish Life & Permanent’

Good morning Ireland

Good Morning all out there in Webland.The News from Ireland is
not great and is bordering on grim!

After the company Aviva called all its workers to a “Meeting” and after a heated presentation the workers were in effect left in limbo according to Kevin
Hough of the Galway advertiser
.This is just the start as I believe we are about to see a massive rationalization of the financial industry.AIB Bank of Ireland and Irish life and Permanent not to forget the up to two thousand staff in Anglo Irish Bank still pushing papers from one end of their desks to the other all day for nothing .In case you have
forgotten all these are in fact quasi civil servants and I  believe the taxpayers of the country are going to pay a heavy price to offload these now surplice to requirement staff. I
reckon we could see up to 12,500 staff layoff in the coming year from the
financial sector. Watch this space, I hear rumblings and there are getting louder!

Last week I approached the local friendly Bank manager with a prepossession
to buy a commercial building in Dublin a proposition that was self
financing .I was in a position to raise 35% of the required capital and the
rental income was netting a 12.5% return on the latest agreed lease
arrangements with the current tenant. After a promise to get back to me I
called the said manager at home last evening only to be told that the manager
could not secure the loan facility as the bank could not supply the funds .I
called to the local car dealership looking for a seven seater we are getting
rid of two cars and downsizing to one family car. Having asked how business was
going the sales person told me customers are not able to get any funds from the
banks, one well established business man was refused an 8,000 euro loan for a commercial second hand car.This is just one of many such stories I am hearing from around the town .The main roads are empty there is noticeable very little traffic on the roads and the shops are empty. Apart from the shops that have closed down there is one
good news story a new deli shop is about to open (Brave investor! see photos)I
called into a few shops and got the same story costs (rates, water charges etc)
are up and punters are as scarce as the proverbial abominable snowman ..On the
Marlton road the works are continuing at a snail’s pace but still going forward
we should have a joined up footpath by Christmas!

Well the really good news is the lottery wasn’t won and I am off to get me ticket

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Gangsters at Irish Life & Permanent exploiting their own customers!

Photo by Machholz

By Finfacts Team
Irish Life & Permanent today reported a pre-tax loss of €349m for the first half of this year (H1 2011), mainly related to loan losses at its Permanent TSB banking businessIL&P is under State  control after it was provided with capital after the March bank stress results.
Irish Life, the life business, is to be sold.Speaking today, Kevin Murphy, group chief executive, said;  “there were a number of positives in the performances
of  both the bank and the life company during the period including higher sales
in the life business and a higher net interest margin in the bank.  However both
businesses were impacted by the continuing difficulties in the broader economy
including rising unemployment levels, reduced disposable income and weak
consumer confidence.”

Murphy said IL&P was making good progress on the
planned sale of Irish Life.  He said; “we are progressing discussions with  a number of interested parties and we are encouraged by the process so far.”The bank recorded a
pre-tax operating profit for the period of €376m (2010 – loss of €131m).
However the key factor in this result was the gain of €763m as a result of the
State’s recapitalsisation.  Excluding that gain, and the net loss of €23m on the
bank’s own Tier 2 debt holdings, the bank recorded an operating loss of €364m in
the first six months of the year.

Full article at source:http://www.finfacts.ie/irishfinancenews/article_1023024.shtml

Comment:

These figures would be a lot worse if it were  not for the fact that the  gangsters running this bank are in fact exploiting their own customers (I am one of them) I along with approximately 80,000 other customers are in fact now forced to pay sub-prime interest rates on our outstanding mortgages (currently  5.60 % )While the ECB rate is just 1.5%.The government
is allowing this den of thieves and the rest of the Toxic Banks to exploit their own customers in this way so as to give the impression these toxic banks are sound but we all know that they are all bankrupt. According to the European Union I should be able to get a mortgage from any bank in Europe but in reality we are at the mercy of these home grown crooks and their gutless political masters.I call again on all 80,000 customers of this corrupt financial institution to boycott this bank for any other services and withdraw any extra savings. Best of all stop paying our mortgages en-mass all over the country, they can’t throw us all out of our homes or put us all in jail!

see also :http://thepressnet.com/2010/01/28/irish-life-mortgage%E2%80%99s/

Anglo execs still refusing to co-operate

By Emmet Oliver,
A group of former Anglo Irish Bank executives and other witnesses are still refusing to co-operate with the two-and-half year investigation into the bank, despite a fresh appeal by officers working for corporate watchdog head Paul Appleby.

The joint garda/Paul Appleby-led investigation team made a fresh appeal in May and June
— but people restated their refusal to co-operate through their lawyers, an affidavit reveals.

The investigation team wants to interview the group to shed light on a range of
events in 2008 when the bank was under severe market pressure, including the
warehousing of loans with other lenders and a deposit transaction between Anglo
and Irish Life & Permanent.

A senior garda attached to Mr Appleby’s office, Eamonn Keogh, has revealed that the fresh
appeal prompted a change of heart by some of the “reluctant
witnesses”. “A small number have since co-operated and made statements or have committed to making statements in the near future,” said his affidavit. “A definitive
response is outstanding from the remainder.”

Interviews

The investigation team had been trying to get interviews with some individuals for
more than a year, he added. Mr Appleby and his colleagues say they have no
powers to force people to give evidence. However, the High Court heard yesterday that new powers under the Criminal Justice Act could yet change this position. In certain circumstances, witnesses will have to co-operate under the terms of this bill which is making its way through the Oireachtas. The affidavit
was opened in court during an application by Mr Appleby for more time to
continue his probe. This request was granted by Mr Justice Peter Kelly, who
told the court special powers to seize material and activate warrants could
remain in place until early next year.

Mr Justice Kelly said the collapse of Anglo had “devastating consequences” and it was
not unreasonable for people to expect a thorough investigation into whether the
criminal law had been breached. The court also heard evidence from a legal representative of the Director of Public Prosecutions (DPP), who said it was not right to say “nothing” was
happening in the investigation.

The DPP was being kept fully appraised and had received a number of “modular”
reports. Barrister for the DPP, Una Ni Raifeartaigh, said it had been decided that all the various strands of the investigation should be finished rather than deciding on charges
on some segments. She said there was an overlap in witnesses between the
different strands and also other linkages.The investigation team is still hoping to finish up by the end of the year, the affidavit makes clear. However, this is subject to various provisos, the team made clear in evidence to Justice Kelly. Some of the
warehousing of loans — known as refinancing by the investigation team — was a
lot more extensive and complex than previously thought, said the affidavit.

This was a wholly unexpected development, it said, but the team was now getting a better
understanding of the transactions.

– Emmet Oliver,
Deputy Business Editor

source http://www.independent.ie/business/irish/anglo-execs-still-refusing-to-cooperate-with-probe-2833214.html

 

Comment:

This is outrageous
the government should enact emergency legislation immediately we are dealing
with a known corrupt bank  I cannot
understand why top managers and directors are allowed to get away with not supplying
the gardaí with the information they need .These people should be brought
before the courts and jailed why do we not have the names of these people
splashed across the newspapers Name and shame  these crooks. Anybody else would be in jail by
now. Who is protecting these people? What dirt have they on the politicians, who
are afraid to act against these gangsters? Allen Shatter what are you afraid of?

“The job isn’t even half done yet”

uploading image of Irish Govt buildings. My im...

Image via Wikipedia

By Namawinelake

Yesterday, Minister for Finance, Michael Noonan was probably the first senior minister to broach the truth. Speaking to RTE following the publication of the June 2011 Exchequer Statement, he indicated that the adjustment needed in 2012 would be in the order of €4bn, up from €3.6bn “The job isn’t even half done yet. Next year, even though the overall figures are about two-thirds of this year’s adjustment, it may be more difficult to achieve … A lot of the low hanging fruit has been picked.” He apparently didn’t provide a reason for the greater austerity, but the most likely reason is a downward revision to economic growth in 2012 which will mean less taxes,more unemployment, more welfare.

full article at sourcehere: http://namawinelake.wordpress.com/2011/07/05/%e2%80%9cthe-job-isnt-even-half-done-yet%e2%80%9d-%e2%80%93-minister-noonan-prepares-the-ground-for-2012-austerity/

Comment:

The axe will fall and fall hard why we should believe a
single word these politicians say they seem to be stricken by some mystery disease
that is making them forget what they have said only a few weeks ago .We are not
fools and we know that the books (such as they are) are full of holes and there
is no way these gombeens are going to balance these books with empty promises
they will have to face reality soon enough and I expect that they are busy
creating the relevant spin they will have to announce to us the people of Ireland
.Of course they will raise taxes and cut public services and they will also
look after their friends .Has it ever been any different ?

State owns 99.8pc of AIB

AIB Bank Centre, Dublin 4, Ireland

Image via Wikipedia

By Laura Noonan and Donal O’Donovan

Saturday July 02 2011

THE State’s stake in AIB is set to rise to 99.8pc
by the end of the month, it emerged last night, as the financial markets
absorbed an unprecedented number of announcements about Ireland‘s radical
bank restructuring.

The revelations about AIB’s shareholding were revealed in a document
describing the Government’s plans to spend €5bn on new shares at 1c a piece and
pony up any extra money through a “capital contribution”.

The extra money will be the difference between AIB’s €14.8bn capital demand,
less a €1.6bn government loan and whatever money AIB is able to make from doing
deals with bondholders.

The capital contribution won’t dilute down existing shareholders, who would
have seen their collective stake fall to less than 0.01pc if the Government had
put in all the cash via new sales.

AIB also completed its merger with EBS yesterday, and revealed that the
building society’s chief executive Fergus Murphy will be joining the bank’s
newly revamped executive team while four senior AIB directors will join EBS’s
board.

AIB and EBS will remain as separate brands and businesses, but some EBS
departments will have reporting lines into AIB, a statement confirmed. Customers
will be unaffected by the merger.

Yesterday also saw AIB get the green-light to proceed with attempts to buy
back debt from bondholders after a legal challenge by an investor was
settled.

Aurelius Capital had blocked two of AIB’s 18 debt buybacks last month, but
yesterday agreed to abandon its protest after reaching an undisclosed settlement
with the Department of Finance.

A source at AIB said it now expects to move ahead with an offer to buy back
the bonds at a steep discount using a so-called subordinated liabilities order
(SLO) sanctioned by the High Court.

The SLO gives the government sweeping powers to change the terms of AIB’s
subordinated bonds, making buyback offers at any price difficult to resist.

Yesterday’s also saw Anglo Irish
Bank
and Irish Nationwide officially merged into a new entity dubbed IBRC,
or Irish Bank Resolution Corporation, so the duo’s assets can be wound down over
the next decade.

Meanwhile, Irish Life & Permanent yesterday announced that most of its
junior bondholders have taken up an offer to sell back their debt at a discount.
The buyback of one €54m bond was not approved and remains outstanding.

– Laura Noonan and Donal O’Donovan

Irish Independent

source : http://www.independent.ie/business/irish/state-owns-998pc-of-aib-as-banks-revamped-2811522.html

Comment:

All we have here is an attempt to sell the notion that we have completely new banks and all the rot has been taken care of but this is so far from the truth. What about the banks hopeless loss making derivative positions that are still been hidden. These losses run into the billions and are perhaps been kept in “off shore branch’s” in the IFSC the mother of all hot money clearing houses in the world .If you’re a despot dictator of thieving politician this is where you are most likely to be hiding your ill-gotten gains and if you’re are a drug king pin your sure to be hiding your loot here .The Mexican drug lords are sure to be hiding their drug money here as well! The upstanding Irish citizens working in the financial services in the IFSC in the “Funds management business” are
helping drug lords and despot politician from around the world hide their stolen funds and drug money.

Back to AIB .This is still a toxic pig in new clothing
nothing has changed the same gangsters are in charge and are still doing business.
Almost 3 years on not one of them is in front of a judge .But as an ordinary
citizen if you don’t pay your TV licence you will end up in an Irish Jail.

Bring these crooks to justice or else, we the people will
get justice for ourselves!

 

Irish Life and Permanent will be effectively nationalised with the injection of up to €3.8 billion

Article by

SIMON CARSWELL

Irish Life and Permanent will be effectively nationalised with the injection
of up to €3.8 billion in State funds by the end of next month, the company has
confirmed.

The company told shareholders in a circular published today that it proposed
issuing up to €3.4 billion in ordinary shares and a further €400 million in
contingent capital to the Government, leaving the State with a shareholding of
more than 99 per cent.

As a result, the company will delist from the main Irish stock exchange and
expects to re-list on the junior Irish market, the Enterprise Securities
Market, on August 22nd. An extraordinary general meeting will be held on July
20th to approve the issuing of the ordinary shares to the Minister for Finance.

The State will inject the capital to meet the €4 billion capital target set by
the Central Bank following the stress testing of the banks last March before a
deadline of the end of July under the terms of the bailout by the European
Union and the International Monetary Fund. The company made a gain of €300
million from a debt buyback in May.

The company said that its board had decided to take the capital injection from
the State “having taken legal and financial advice”, believing it to be “in the
best interests of the company and the shareholders as a whole, given the lack
of alternative options available to raise the required capital by July 31st
2011”.

Irish Life and Permanent warned that if shareholders do not vote for the State
recapitalisation, its directors believed that Minister for Finance Michael
Noonan would be likely to use the Credit Institutions (Stabilisation) Act 2010
to ensure that the company would be able to meet its capital requirements.

“The timing of any such intervention would be at the discretion of the Minister
for Finance and the Irish High Court and therefore not within the control of
the directors,” the company said.

The State capital injection will not affect the sale of Irish Life, the
company’s life assurance business. It’s understood that the company will issue
an information memorandum relating to a trade sale of the company in the coming
days.

Irish Life and Permanent will be the fifth Irish financial institution to come under
Government control. Bank of Ireland, which is 36 per cent owned by the State,
is trying to raise enough capital from private investors to avoid majority
State ownership.

Source. http://www.irishtimes.com/newspaper/breaking/2011/0627/breaking49.html

Comment:

Here we go again “THIS IS SHEER MADNESS” nobody gets to go to jail except those of
us who cannot pay the penal interest rates this gangster led financial toxic
dump has foisted on to the shoulders of their hapless mortgage holders of which
I am one of them! The government is allowing the gangsters in this company to
fleece us their customers so as to allow then to raise their capital base
instead of having them arrested and put in jail .This toxic dump should be
allowed to go bust.

This is the faith of all the IRISH BANKS

Whatever happened to “Not
one red cent more
”??

Phoenix magazine on the ball

Got my copy of the latest Phoenix magazine and I was delighted to see their article on the Bank of Ireland new capital requirement was closer to my estimates and I feel vindicated.

 

The establishment has circled the wagons around the Bank of Ireland and an attempt is under way to con investors into parting with their money for new toiler paper (shares in the bank) Last year the Government paid 1.50 for each share and forced the existing shareholders then to pay 0.50 cent for new shares .I predicted then that these shares were going to be worthless and I at the time put a 0.17 cent valuation on the new issue .Today there are worthless the bank is bankrupt and anyone buying this crap has themselves to blame .

Another article caught my attention and the was the article on Wicklow’s new TD .Stephen Donnelly and again I think the Phoenix are on to something .Do get a copy there is some great reading in it .

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