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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Anglo Irish BK. | ANGL | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.207 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.207 | 0.207 |
| Top Posts |
|---|
Posted at 10/7/2009 10:31 by what is a login ? LBO or anyone who still looks in. Perhaps Chairman 2? Do you know the best way of ascertaining the CDS Rating for deposits in Anglo Irish Bank Isle of Man - and the other banks for that matter? These were ratings were posted on this thread by LBO, I think, a long time ago. Since then ANGL deposits have, I know, been guaranteed in their entirety by the Irish government. However I would still like to know the rating. I see that Kaupthing Singer and Friedlander (IOM) victims-mostly hapless expatriate folk who invested with the Derbyshire Building Society IOM and were given false assurances at the time of change- will have their first £50,000 reimbursed under the Isle of Man Deposit Protection Scheme although nine months after the catastrophe the Manx Government has only disbursed £10,000 for each depositor. Private Eye was about the only publication to give oxygen to the story. I fear we are still living in "interesting times". |
Posted at 12/2/2009 07:36 by masurenguy No further bank nationalization envisaged at the moment !"The state does not intend to take control of these banks" .................... Independent.ie Thursday February 12 2009 Govt unveils details of 7bn bank recapitalisation plan The Government has announced details of its plan to invest 7bn of taxpayers' money into AIB and Bank of Ireland to help the through institutions in the current financial crisis. The deal will see 3.5bn invested in each bank in return for preference shares with a guaranteed dividend of 8%. The Government will also have the right to appoint one-quarter of directors at each bank and get a quarter of ordinary voting rights at board meetings. In return for the cash, the two companies have agreed that bonuses for senior staff will not be paid in relation to 2008 and 2009, while salaries for senior executives will be cut by at least 33%. They have also agreed to increase lending to small businesses by 10% and to first-time buyers by 30%. Finance Minister Brian Lenihan is insisting that the taxpayer will eventually benefit from the deal when the economy recovers.The Irish Banking Federation has welcomed the recapitalisation plan, saying it will provide stability and confidence to the banking sector and will reassure both businesses and mortgage borrowers. ____________________ Government Announcement - 12 February 2009 Recapitalisation of Allied Irish Bank and Bank of Ireland The Minister for Finance today announced that the Government has agreed the recapitalisation terms to be offered to Allied Irish Bank and Bank of Ireland. This follows the earlier Government announcement of 21 December 2008. In view of the continuing turmoil in global financial markets, the Government initiated further intensive discussions with Allied Irish Bank and Bank of Ireland with a view to securing the position of these two banks. As a result of these discussions, the Government has decided on a comprehensive recapitalisation package which will reinforce the stability of our financial system, increase confidence in the banking system here, and facilitate the banks involved n lending to the economy. The main features of the Government's investment are as follows: * The Government will provide EUR3.5bn in Core Tier 1 capital for each bank. * In return for the overall investment the Minister will get preference shares with a fixed dividend of 8% payable in cash or ordinary shares in lieu. These preference shares can be repurchased at par up to the fifth anniversary of the issue and at 125% of face value thereafter. * The Minister can appoint, in total, 25% of the directors to both banks. * The Minister also gets 25% of total ordinary voting rights in respect of change of control and board appointments. * Warrants attached to the Preference Shares give an option to purchase up to 25% of the ordinary share capital of each bank existing on the date of issue of the New Preference Shares. The strike price of the first 15% of the Warrants exercised by the State shall be EUR0.975 for AIB and EUR0.52 for BOI. The strike price of the balance of the Warrants shall be EUR0.375 for AIB and EUR0.20 for BOI. * If the bank redeems up to EUR1.5bn of the State investment in New Preference Shares from privately sourced Core Tier 1 capital prior to 31 December 2009, then the Warrants will be reduced pro rata to that redemption to an amount representing not less than 15% of the ordinary shares of the bank. * The recapitalisation programme will be funded from the National Pensions Reserve Fund. EUR4 billion will come from the Fund's current resources while EUR3 billion will be provided by means of a frontloading of the Exchequer contributions for 2009 and 2010. The necessary amending legislation to the National Pensions Reserve Fund Act will be introduced shortly. The State does not intend to take control of these banks. Following this recapitalisation, the State will not hold ordinary shares in either bank (other than existing NPRF holdings), but it will have an option to buy shares in five years time at a predetermined strike price, thus providing the State with the potential for a significant return. The Government is also in discussions with the other covered institutions (Irish Life and Permanent, EBS and INBS) concerning their respective capital positions and about the review of the guarantee scheme. Anglo Irish Bank, under full public ownership, will continue to trade as a going concern. |
Posted at 16/1/2009 11:46 by goggin This is one I dident get out of in time - all in the life of a gambler because buying angl was a gamble.wimpy is a gamble - 4p to 30p Jessops 1p - 4p Eidos 8p - 16p ( one day ) Cattles - sub 10p to 30p and that is just to name a few These are all gambles, some will survive - some wont - no one knows for certain which will or wont. Now what will happen to angl - we all knew it was a basket case, I took a view that there was something to salvage and i still believe that share price would have reached my target price until FG stepped in and said 'no way were they supporting a bail out' that was the real nail in the coffin because the government if this had failed to pass would have been forced to concede it had lost control and gone to the country. The saved there jobs over anglo - my mistake for not spotting this- despite what mcWilliams says - and I agree with him allot - this was the real reason for the plug being pulled. Now because of this, there may be possibly some up side here, why? If this doesn't work, they are finished, hence, they will try every trick in the book to get it working and they may just have a 3 month window in which to do it. |
Posted at 15/1/2009 20:58 by masurenguy BBC News: 20:53 GMT, Thursday, 15 January 2009Anglo Irish Bank is nationalised The Irish Government is to nationalise the Anglo Irish Bank. The state had planned on pumping 1.5bn euros into the bank but decided that recapitalisation was not the way to secure its future. Ministers had been due to hand over the money in return for 75% of the shares with a 10% annual fixed dividend being paid to the government. A lack of liquidity has made it increasingly difficult for the banks to lend money to their customers. The Bank of Ireland and the Anglo Irish Bank are still set to get help. Anglo Irish recently lost top executives over a secret loans fiasco. In December the bank's chairman resigned after a 87m euros loan controversy. Sean Fitzpatrick admitting that he had transferred millions of euros out of the Dublin-based bank's accounts. Chief executive David Drumm announced his resignation shortly afterwards. |
Posted at 30/12/2008 23:02 by goggin In relation to Anglo Irish Bank, the Minister for Finance announces an initial investment of 1.5 billion of core tier 1 capital to assist in restructuring the bank's capital. The Government will continue to reinforce the position of Anglo Irish Bank and will make further capital available if required so that it remains a sound and viable institution. The investment will be in the form of 1.5 billion of perpetual preference shares with a fixed annual dividend of 10%. The preference shares carry 75% of the voting rights of Anglo Irish Bank. The investment is subject to the approval of the ordinary shareholders at a general meeting which will be convened as soon as possible. On the basis of positive contact with the European Commission, the Minister said he was confident that the Anglo proposal will meet with EU State Aid requirements when formally notified in due course. Just as people were over optimistic when the share price was 16 + now people are much too negative. The government have offered to take a 75% stake, their property book is still there, even if you write the value down by 80%, - debt they are still worth + 1. I don't like the bxxxxxxs who run this shower, but that wont stop me buying at these prices where the balance of risk has shifted in our favour. |
Posted at 23/12/2008 17:26 by masurenguy Independent.ie Tuesday December 23 2008 Anglo seeking shareholders' approval for 1.5bn bailout By Joe Brennan ANGLO Irish Bank will publish a shareholder circular today asking for shareholder approval in January for the Government's 1.5bn bailout which will see taxpayers take control of the group. Anglo's shares plunged a further 14.3pc on the news, bringing their losses for the year to date to 97.2%. This reflects a market view that the Government will shortly have to follow its preference shares investment for 75% of Anglo's voting rights with more cash to shore up the bank's capital position in the face of mounting debts. The initial funds will raise the group's core tier one capital ratio, a key measure of the lender's financial stability, from 5.9% to 7.7%. It remains short of the 8pc-8.5pc range Allied Irish Banks will achieve from a 2bn state investment and likely additional 1bn fundraising. Bank of Ireland's ratio is expected to reach 8.5%-9% from similar measures. "The revelations at Anglo in recent days have brought a new level of urgency to the recapitalisation process and are the reason why this announcement has been made [over the weekend]," said Scott Rankin, analyst with Davy. "As this is Christmas week, the timing is far from ideal, but the investment should go a fair distance in restoring confidence to a badly bruised sector." Anglo management last week brought in a team from UK-based broker JP Morgan Cazenove, led by Irish corporate financier Conor Hillery, to assist Ivan Murphy at Davy Corporate Finance as talks intensified on the recapitalisation of the group. The Government had hoped it would buy time until January from its statement last weekend that it was prepared to lead an investment of up to 10bn into the beleaguered sector. "It really became apparent in the middle of last week that it couldn't be delayed any further as the wholesale [funding] markets became more difficult for all the banks, particularly Anglo," said one source close to the process. Mr Lenihan said that while Anglo was going through a "difficult period", the bank could survive and could be turned around. Sources said that the 1.5bn injection, which will accrue a 10% annual dividend, should really be seen as a bridging loan as a restructuring plan is drawn up for the group over the next six months. Anglo management indicated earlier this month it could write off up to 2.76bn of bad loans over the next three years, though analysts largely believe the outcome will be higher. Observers believe that the group will ultimately be merged with a larger rival or wound down under government control. Anglo's new chairman Donal O'Connor moved late on Sunday to apologise for the controversy which erupted last week over former chairman Sean FitzPatrick's practice of concealing loans from the bank. "We recognise and understand the sense of hurt, outrage and disappointment that people feel regarding the bank. We want to apologise unreservedly to our customers, employees, shareholders and all other stakeholders for creating this situation," Mr O'Connor said. "The challenge for Anglo now is to restore people's trust and confidence in the bank and we are determined to do this." |
Posted at 22/12/2008 14:51 by pharmacist08 declan. government values BOI at 8billion and Anglo at 2 billion and only when they have full control and a higher dividend. Thats a 4fold plus difference. Im sorry to say it to you but absolute madness to buy anglo over bkir for short term |
Posted at 22/12/2008 09:36 by lbo Well its all over at last!Anglo has effectively been nationalised and over time I suspect it will be 100% as the Government will have to be paid the 200m a year in shares as the loan losses will be substantial over the next few years IMHO "The preferences will be treated as part of "core" tier 1 capital by the Irish Regulator. Adding this into our 2009 numbers adds 135bps and 170bps to ALBK and BKIR's risk weighted ratios though will not improve our current forecasts for "equity" tier 1 which are 6.65% (we assume M&T is sold) and 6.0% for the end of 2009. Building in an extra 1bn of equity would add a further 65bps and 85ps to both equity and core tier 1 respectively. ANGL's 2009 ratios will rise 170bps (last reported core tier 1 goes from 5.9% to 7.7%). The preference shares are not convertible and are non-cumulative. However, if the dividend of 160m per annum for ALBK/BKIR (pre-tax) and 200m per annum for ANGL cannot be paid in cash, it must be paid in shares instead. If the cash dividend is not paid on the prefs, then no ordinary dividend is permitted either. They rank pari passu to ordinary shares in liquidation. However, unlike equity, they do not absorb loan losses on a going concern basis, so they may be counted as part of "core" tier 1 but they really only act as a buffer for the other debt holders. The prefs can be repaid subject to regulatory approval within five years at par or after five years at 125% of par" |
Posted at 28/1/2008 12:00 by lbo Tough questions for Friday's AGM ANGLO Irish Bank shares slipped by 30% last year and shareholders at its AGM at Dublin's Mansion House on Friday may have some searching questions for chief executive David Drumm about the bank's financial prospects. The fall in the company's share price has been triggered in large measure by negative sentiment toward banking stocks, even those with a low exposure to sub-prime-related assets. Anglo's challenge is not its past performance but the limits on its future growth. The stellar days of the bank are unlikely to be repeated in the short term and Drumm's main challenge is to find new profit streams, rather than endlessly boosting lending to already leveraged property developers. Shareholders have reason to appreciate of the work done by Drumm and his board but some hard-nosed questions should be asked about the future, which looks much cloudier compared to a year ago. The following are the kinds of questions shareholders should be asking on Friday. Data suggests that UK commercial real estate returns have fallen to their lowest level in at least 22 years. What impact will this have on Anglo's 2008 and 2009 financial results? Irish property is also in a severe downturn, so is the bank planning to increase its lending in this sector, in line with previous years, or reduce it? If it plans to reduce it, by how much? Will Anglo's balance sheet become weakened in the next year because of higher bad debts and larger impairment charges? If so, by how much will these provisions increase? US bank Bear Stearns, itself a recent victim of sub-prime losses, says Anglo's lack of diversity (it makes the vast majority of its profit from business lending) "renders the group vulnerable" to slow loan growth. Does the board agree with this and what steps is it taking to broaden its profit base? What does it intend to do to grow its wealth management and treasury divisions? Dividends have been growing in recent years, with a dividend yield of 2.1% last year. Is the bank still committed to having a dividend yield of between 2.5% and 2.9% in 2008 and 2009? Will this policy have to be revisited if the British and Irish commercial property markets deteriorate further? Irish commercial property assets have reduced in value significantly since the last Anglo AGM.What impact has this had on the balance sheet of the bank and the value of the collateral provided by its largest customers? Has the number of rejected loan applications increased in the last year as fortunes have changed in the Irish and UK commercial property markets? |
Posted at 25/11/2007 11:41 by father o toole THE POST.IE - Printer-friendly version PRINT STORY -------------------- Irish equities not such a bargain Sunday, 25 November 2007 By Joe Mottley Irish stocks look like great value for money these days, but investors are cautioned to look before they leap. The Iseq index has fallen more than 30 per cent year-to-date, putting it at the bottom of the international performance table. Headline price/ earnings ratios on some leading stocks have dropped far into single-digit territory, and many show dividend yields of over 5 per cent. Domestic stockbrokers and fund managers are as one in extolling the compelling value now on offer. Are they right? Perhaps. But here are a few cautionary observations to keep in mind before committing new money to the Irish market. Valuations are not exceptionally low relative to the past. The most popular valuation measures, the price-to-earnings (P/E) ratio and dividend yield, look attractive at first glance: 12.2 times and 2.5 per cent respectively. However, the P/E ratio is an unreliable guide when the ''E'' (earnings) are at a cyclical high and may have some distance to fall. I believe Ireland is now in this position. Meanwhile, using the price-to-book value (P/BV) ratio may give a more stable indication of long-term value. And it is interesting to observe that most of the major stocks are now close to, or only a little lower than, their 20-year average P/BV ratios. Not expensive, but not outstandingly cheap either. Similarly, dividend yields at best are only back up to their long-term averages. AIB and Bank of Ireland, for example, now yield 5 per cent and 6.1 per cent respectively, but in the pre-Celtic Tiger years, bank yields often traded well above these levels. Don't underestimate the risk of a sharp profits downturn. We have only just started to see analysts' earnings per share (EPS) forecasts being cut. This could have a long way to run. International investors, in selling the market down this year, have implicitly declared their belief that Irish domestic earnings were buoyed by a prolonged and extraordinary boom, and are now set to reverse. The Iseq index is overwhelmingly a financials and construction play, with a 60 per cent weighting across these two sectors. Many countries have seen an explosion in property values and credit creation over the past decade, but few more dramatically than Ireland. Irish commercial bank assets relative to GDP are now, at 569 per cent, second-highest in the developed world; the average house price has risen 270 per cent since 1996; and last year, our house-building output per capita was four times the European average. As our economy adjusts back from these extremities, there could be much pain ahead for the most directly exposed sectors. Ireland's woes are part of a global phenomenon. Financial stocks everywhere have been hit by the turbulence in credit markets, the catalyst for which was the sub-prime crisis in the US. While Irish banks may have minimal exposure to US sub-prime mortgages, they have every reason to fear the wider souring of the credit cycle. Higher wholesale funding costs, sharply decelerating loan growth and a pick-up in bad debt charges are all on the cards for the next year or more, and could do far more damage to earnings than currently reflected in analysts' forecasts. On a broader front, while no major overseas markets have fared as badly as Ireland this year, they almost all sit on P/E ratios which seem historically low. The catch, once again, is that profits are historically high, and valuations on the basis of normalised, or ''trend'' earnings are far less attractive. Sooner or later, the usual cyclical forces will bring about a retreat back towards normalised profitability - and right now investors are starting to bet on ''sooner'' rather than ''later''. Although Ireland has fallen ahead of other markets, it is unlikely to take the lead on the way back up. Cheap relative to other markets? It's always difficult to make reliable cross-border comparisons. Yes, the Iseq might look like value against other markets on some measures, but the exercise is only meaningful on a sector-by-sector basis. In some sectors, such as food and beverages, Ireland compares well. However, financial stocks dominate the Iseq index - with a 41 per cent share - and Irish financials are not any cheaper than their global peers. The P/BV ratio for Irish banks, for example, might look reasonable at 1.7, but the corresponding figures for US, German and British banks respectively are 1.6, 1.5 and 1.4.The dividend yields of British banks currently fall in the 5.5 per cent-to-9 per cent range, eclipsing those of the Irish sector. If you think the Irish market is cheap, make sure you're not overlooking even better value elsewhere. In conclusion, the wise investor might do well to question the siren song of those who have a vested interest in talking up Irish shares. There are undoubtedly some individual stocks which are now attractive (and should be evaluated relative to their international peers), but an across-the-board commitment to the market at this juncture would demonstrate bravery rather than wisdom. Joe Mottley has worked in the Irish fund management industry for 22 years, most recently as a director and chief investment officer of Setanta Asset Management -------------------- © Thomas Crosbie Media, 2007 |
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