What is truth?

Posts tagged ‘Irish nationwide building society’

ANGLO Irish Bank could be wound up in three or four years

By Laura Noonan

Monday August 29 2011

ANGLO Irish Bank‘s management believe the nationalised lender could be wound
up in as little as three or four years, the Irish Independent has learnt.

The news comes days after its chief executive, Mike Aynsley, revealed that up
to €4bn in capital could be handed back to the State when Anglo pulls the
shutters down for the final time.

The collapsed lender is due to be wound down over a 10-year period, but
management now believe that the final phase of Anglo’s life could be
significantly shorter.

Successful bidders have been identified for
Anglo’s $9.5bn (€6.5bn) US loan book and newswire Bloomberg reports that Wells Fargo, JP Morgan and Lone Star Funds will buy the loans for
80pc of their face value by the end
of October.

That will leave Anglo with just €16bn of its own loans, plus about €2bn of
loans from Irish Nationwide, meaning the bank is no longer “systemically
important”.

source:http://www.independent.ie/business/irish/anglo-could-be-wound-up-within-three-or-four-years-2860185.html

Comment :

What the people of Ireland want to know is how soon we can
expect to see the gangsters who destroyed our country be brought to trial. Why
are we still employing over 1000 people at the ridiculous salaries they were
getting in the so called boom years. Why are we still paying pensions to the
same directors and top managers who are refusing to help the Gardai with their
enquires??

Allied Irish Banks delisting from NYSE

Allied Irish Banks (NYSE:AIB), Ireland’s second largest bank, reported on Friday its American Depositary Shares (ADS) have now ceased trading on the New York Stock Exchange.

The Irish bank said its ADS shares, each representing ten ordinary shares, have been “deemed to be delisted”. Affected shareholders will be contacted with further information, the company said in statement.

Allied’s board made the decision to delist in light of the increase in the Irish government‘s shareholding, completed with the help of the National Pension Reserve Fund Commission, which is required to make investments in credit institutions, as directed by the Ministry of Finance, to stabilize the economy and to prevent potential serious damage to the financial system in the state.

At the end of July, the government bought EUR5 billion (US$7 billion) of new shares in the bank for 1 euro cent each, boosting its stake to near 100%.

The bank received a 3.5 billion euro (US$5 billion) bailout from the Irish government in 2009 to rescue Ireland’s banking system, as its bad loans soared after the collapse of a decade-long real-estate bubble.

AIB joins Anglo Irish Bank, EBS and Irish Nationwide as the fourth financial institution to be nationalized.

Following the delisting, the bank will terminate the ADS facility by ending its ADS deposit agreement between AIB and the Bank of New York Mellon as depositary.

Prior to the termination of its deposit agreement, and following delisting, AIB’s ADS will trade over the counter in the United States. The bank also plans to deregister its securities and terminate its obligations under the U.S. Securities Exchange Act of 1934, it said.

The Irish commercial bank’s ordinary shares will still continue to trade on the Enterprise Securities Market of the Irish Stock Exchange

source:http://beforeitsnews.com/story/1011/423/Allied_Irish_Banks_announces_delisting_from_NYSE.html

Comment:

What a sorry end for this Irish bank. The gangsters who are responsible are now grazing on lush pastures for the rest of their lives while the ordinary shareholders and taxpayers of Ireland have been raped, hoodwinked, and made fools of .

Not one of these gangsters will ever see the inside of a jail and their bought off political contacts are still intact, ready to protect them if need be!

see https://machholz.files.wordpress.com/2009/11/111709_1028_aibbroke1.jpg

Spend ! Spend ! Spend !

Yesterday again the Sunday papers were just the pits and
just as depressing .then this morning I finds this. I can still hear Michael Noonan
calling on the Irish public to go out and spend. ( http://www.thejournal.ie/spend-spend-spend-and-boost-irelands-recovery-162513-Jun2011/)

Well I can only speak for myself ,I certainly will not spend
,spend ,spend Mr. Noonan  as I am one of
the approximately 76 thousand previous self employed suckers who did everything
right ,saved up ,some of my hard earned money into a pension so I would not be
a burden on the State in my “Golden Years”, ,had Bank shares (blue-chip????)
and of course bought a home for me and the family .Today I feel like a
fool  as the pension ‘s value has plummeted
and wouldn’t buy the dog his dinner now ,the so called fund managers have disappeared
or have been promoted and some 23 year old now tell me to ring some 1890 number
to be told by another 20 something he doesn’t  know and he is only jobbing for a few months
so he can get enough money together to skip off to Australia. The Family home
is now been attacked by Noonan with more taxes on top of the last three years
since I became unemployed of no support from the state, no FAS courses no help
of any kind because I was stupid enough to become self employed, create employment,
and pay huge taxes to the state more than I would have had to pay if I remained
employed by someone else. Having paid there taxes on my home in the form of stamp
duty, I have in fact paid stamp duty on 4 properties in all. So I think I have
paid enough taxes on properties MR. Noonan. Since I do not qualify for any dole
or any other State help, I am living on my savings and in the last three years
they have been severely depleted .I am constantly looking for business start up
opportunities but there is no sign  of
any life out there in the business world .Credit is nonexistent ,and even if
you do come up with a business ideas you get so bogged down with red tape and
Health and safety regulations it soon becomes a nightmare, in costs and time
consumption  projects lose their business
sense.

We have a country that is infested with civil servants busy
keeping themselves in a job. The notion of public service is totally foreign to
them. Instead of trying to help would be entrepreneurs the trip to the local
county council offices is like paying a visit to the lunatic asylum. Nobody really
knows and everybody has their own niche areas they jealously guard and when
everything else fails’ to stop you out comes the killer stroke Health and Safety.
This stops you dead in your tracks! Another day wasted and you still have no
income and no business but the legions of public office holders and the armies
of civil servants who enforces their off the wall regulations go home secure in
the knowledge that they have a guaranteed job and salary. No ,I will not be
going out spending I do not have it to spend and I am fully conscious of the
fact that the self same Mr.Noonan who collects  4,000 euros every week is busy preparing yet
another budget that will again strip me of my hard earned savings by way of new
taxes ,(stealth or otherwise)all because he hasn’t got the balls to stand up to
the real gangsters in the banks and the EU .I am been saddled with the gambling
debts of others and millions of my fellow citizens will suffer losses in public
services in the coming years and all Noonan can say is the go out and spend . A Greek tragedy?  No my friends we are immersed in the mother of
all tragedy‘s National self delusion.
With another 4billion or more been taken out of the economy there will be no growth
and a lot of pain and all this coming from people who promised change

From where I stand there is no change as the small vulnerable
groupings of citizens ,those with no political clout are been squeezed of every
penny to keep the real leaches of our society  (TD’s in the Dail ) in their plumb jobs and
the vested interests who help keep the status quo going (Media, Union bosses,
Newspapers editors , and most of the so called journalists who pick up salaries
for not asking the important questions ! let’s not forget the top boys in the civil
service who are blackmailing all of us.  Don’t
get me started on NAMA  that will be
another post  I will tackle.

Just one other point, I picked up yesterday .If
anybody was in any doubt this government or the last betrayed the constitution and
thus every citizen ,for the first time is Irish history we have an admission
from a serving Irish minster  that we
have indeed lost our sovereignty  .This
is an extraordinary admission from a government minster and all it gets jus a
small corner in a Sunday paper .

This marks the official death of the Irish republic.

How much additional state funding will Anglo need?

By Namawinelake

Alan Dukes, the chairman of Anglo Irish Bank (“Anglo”) has gone very quiet of late. It seems only yesterday that the former finance minister and former leader of the Fine Gael party couldn’t contain himself with proclaiming his projections of Irish banks generally needing an additional €50bn of capital to cover losses and to provide a normalised banking service; this at a time when governor of the Central Bank of Ireland (CBI), Patrick Honohan was claiming €10bn was the more likely sum. That was only back in February of this year, so we shouldn’t have forgotten it all just yet. Back in February, Alan’s estimate was that Anglo should be okay with the €29-34bn estimated in late 2010 which was a relief because only a few months earlier there had been talk of losses of nearly €40bn. And subsequently the claim from Anglo’s CEO, Mike Aynsley in April 2011 was that the zombie Anglo wouldn’t need more than the €29.3bn already provided. But is that still the case?

full article at source here: http://namawinelake.wordpress.com/2011/07/19/how-much-additional-state-funding-will-anglo-need/

“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!

 

€12m Anglo senior unsecured unguaranteed bond paid in full today

That’s more than the cost of the Jobs Initiative for one week.

By namawinelake

The cost of Minister Noonan’s inaction on Anglo Irish Bank (“Anglo”) and Irish Nationwide Building Society (INBS) is highlighted today as Anglo repays a €12m senior unsecured unguaranteed bond at par, that is without any haircut or discount. The bonds (ISIN ref: XS0306086157, SEDOL ref: B1ZBPV0) were issued in June 2007 – Sinn Fein finance spokesperson Pearse Doherty yesterday described the bonds as “unguaranteed unsecured” and there is no reason to doubt him. Historical prices appear to be unavailable at the Irish Stock Exchange this morning, but last month Anglo redeemed senior bonds which yielded 30% annualized returns to investors who had bought last December 2010. Our recently announced Jobs Initiative costs €470m per annum, so in a single transaction today we are spending more than the proceeds of one week’s raid on private pensions.

full article at source here : http://wp.me/pNlCf-1yL

Comment:

This amount could have paid the dole for one year to 1200 of the over 2900
(http://www.irishtimes.com/newspaper/breaking/2011/0629/breaking27.html)
people who now find themselves on the dole since the last numbers came out .Mr Noonan’s
incompetence is fast catching up with his predecessors levels and that was grim
to say the least.

Losing money and paying money men is the order of the day closing
down hospitals and essential health services is seems to be the way forward for
this Minster

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