Anglo Irish Bank Share Discussion Threads

[hermana3] 24/2/2009 18:25

Mas,they are anywhere where the Pringle mob mingle. Wee Fitzie in his best platforms is bound to need his ego and udder parts massaged.

[masurenguy] 24/2/2009 18:17

Really - do they hang out at that club accross the road from the Marbella Club ?

[hermana3] 24/2/2009 18:01

Mas,hookers galore.

[masurenguy] 24/2/2009 17:27

Salduba - Sinatras - 19th Hole ??

[hermana3] 24/2/2009 15:59

Mas,Fitz swigging bubbly in Marbella with Golf pals and couldnt care less.

[imabastard] 22/2/2009 13:59

"Bank of America and Citigroup won't live to see May. The two banks will be nationalized in the coming weeks, and we think that the announcement can come as soon as tomorrow evening (Friday evenings are when major bank announcements and failures occur)."

.... another sensationalist prediction proven wrong.

[pharmacist08] 20/2/2009 22:55

very appropriate

[masurenguy] 20/2/2009 09:35

How long before UK & Ireland follow suit with Lloyds, RBS, BoI and AIB !
.......................................................................

Gone in 60 Days: Citi and Bank of America Won't Live to See May
Thursday, February 19, 2009

Citigroup (C) and Bank of America (BAC) won't live to see May. The government will take them over within 60 days. The announcement may come as soon as tomorrow evening.

If there's one thing our readers know, it's that ChartingStocks.net has made some bold calls in the past which seemed controversial and highly unlikely at the time. Our January 2007 post warned of the coming stock market crash at a time when the market was making new all time highs. In February 2007 we warned about the breakdown of the brokerage stocks and singled out Bear Stearns (Trading at $160), Merrill Lynch (Trading at $87), and Morgan Stanley (Trading at 78). In September 2007, we warned of a selloff in the coming weeks. The market peak and decline began 4 weeks later. We're going to make another bold prediction. Bank of America and Citigroup won't live to see May. The two banks will be nationalized in the coming weeks, and we think that the announcement can come as soon as tomorrow evening (Friday evenings are when major bank announcements and failures occur).

The US government has already committed half a trillion dollars to these two firms which is more than 10 times what it would cost to buy and control both companies. The market doesn't believe that $500bn is enough to save these companies. All the kings horses and all the kings men can't put humpty dumpty back together again. Today both banks made fresh new lows with Citi closing at $2.51 and Bank of America closing at $3.93. The 1 year charts show the short term price movements. You should understand that when a bank stock's chart looks like this, even a HEALTHY bank would be in trouble. Nobody wants their deposits in a company that trades at $2. The outflows of deposits from Bank of America and Citi must be catastrophic.

We also play close attention to air time given to so-called "Experts" and the way the media spins the information. If you know that our mainstream media is simply a licensed PR firm for the US government, you can get vital information which you can use in trading. Always ask yourself - What opinion are they trying to insert? What are they selling? What's the underlying agenda? The government uses the media to float policy before the public so it can digest it. By the time the government takes the action, most people not only anticipate it but are even asking for it. In the past two weeks there have been countless debates and even opinion polls regarding bank nationalization. Popular opinion among the establishments "Experts" is that nationalizing the banks may be the only way. Even Alan Greenspan recently said that it would be a good idea. It's coming folks! It's what the establishment wants. (They may not actually use the word nationalization, even if thats exactly what they do)

What happens to the shareholder? We can only speculate that the deal would look something like the takeover of Fannie and Freddie. We believe that the common and preferred shareholders will be wiped out while the bondholders MAY be protected.

[marcello lippi] 19/2/2009 16:28

Bunch of cowboys over there - if no one is prosecuted over these loans and the other Anglo matters I think Ireland's credibility as a place to do business will be severely damaged. Real banana republic - external investors beware!

[lbo] 19/2/2009 10:11

Anglo is expected to confirm in its annual report tomorrow that it may have to write off most, if not all, of the estimated €300m loan it provided the investors, understood to comprise a number of the lender's property developer customers.

[lbo] 18/2/2009 22:00

Anglo books are a who's who of the Celtic tigers

[jonno1] 17/2/2009 11:16

found this from market ticker in the US, I presume they are referring to the US operation...

"I did a short stint there and their delusions of ever-rising property values were disturbing and sure to end in tears. Most humorous was when I worked with the head of treasury risk - a woman who had simply ended up the head of risk because she'd been there the longest. Stuck on a large post-it beside her monitor was a big lettered, hand-written note:
"Calls are an option to BUY.
Puts are an option to SELL"

..... the head of treasury risk... I could have cried."

[masurenguy] 16/2/2009 16:45

Irish Tribune
Emmet Oliver Business Editor

International Monetary Fund gives Ireland the thumbs-up

Country does not need financial assistance despite its 10% deficit, IMF says
Ireland can solve its economic problems without outside financial assistance, the body which oversees global financial stability has predicted. In a rare piece of good economic news, the International Monetary Fund (IMF) told the Sunday Tribune that, while Ireland was facing difficulties, it was capable of overcoming them without any bailouts. "We do not envisage IMF financing will be needed to deal with these problems," said the organisation's chief spokesman, David Hawley.

Last week's Anglo IrishBank/Irish Life & Permanent deposit scandal has led to further deterioration in Ireland's creditworthiness and public sector unions are preparing to test the government's resolve over plans to implement a public service pension levy. The two events have raised concerns about the country's ability to reduce an almost 10% budget deficit and keep a lid on rampant unemployment. But Hawley was positive about Ireland's ability to cope with its problems. "I would say that Ireland faces a difficult economic situation and will need to take steps to manage the financial sector and fiscal risks," he said. However, he added that the IMF was not envisaging any need for Ireland to borrow from his organisation.

The IMF, which has already bailed out Iceland, Ukraine, Belarus and Latvia, is struggling to meet the demands on its own resources from countries struggling from the fallout of the global credit crisis. Recently it agreed to extend assistance to Hungary.The question of IMF aid for Ireland arose a month ago when Taoiseach Brian Cowen denied he had mentioned such an idea to the social partners during talks in government buildings. "I have never said that," he told reporters in Tokyo during a trade mission. "We are a member of the euro area and we have the best-performing economy in the last 10 years in the European Union." However, the international markets have been spooked by talk of an IMF bailout and Ireland's credit worthiness remains under severe pressure. Any failure to implement the public service pension levy would be highly damaging on the international bond markets for Ireland, where interest costs on Irish sovereign debt have been rising fast.

February 15, 2009

[masurenguy] 16/2/2009 08:01

Independent.ie
Monday February 16 2009

All eyes on Anglo over handling of €7.3bn deposit.
By Joe Brennan

Major investors in Anglo Irish Bank will be closely monitoring its annual report this week to make sure the bank stands up its position that €7.3bn from Irish Life & Permanent (IL&P) was correctly accounted for as a deposit. "It seems to me there would have to be a significant degree of clarity between the board of Anglo and its auditors in order to release their financial statements," said Frank O'Dwyer, chief executive of the Irish Association of Investment Managers.

The circle of transactions, which led last week to the resignations of three top IL&P executives, became the subject of a hot dispute between both banks on Friday evening. IL&P had €7.3bn on deposit with Anglo on September 30, through its subsidiary Irish Life Assurance, having pumped in €4bn that day -- following the €440bn government guarantee of the Irish banks. IL&P said it received cash as collateral from Anglo in each of the instances where it placed money, in return, on deposit with Anglo. Such arrangements go back as far as last March.

On September 30 last, following the introduction of the government guarantee scheme, Anglo offered €4bn as security with IL&P.IL&P, in turn, agreed to place the same amount on deposit with Anglo. This served to bolster the now-nationalised bank's financial standing as it prepared to unveil its full-year figures. International accounting standards specify that financial assets should be offset by liabilities to give a true picture of a company's financial standing. Sources close to IL&P argue that the €4bn it put on deposit in Anglo should have been offset in Anglo's accounts by the collateral it received in return. This would have left no boost to Anglo's deposit base, they said. But Anglo insisted that the inter-bank arrangement it had with IL&P was not cash collateral for deposits and that no set-off arrangement existed. Any changes from how Anglo treated the transactions in its preliminary full-year figures, unveiled last December, could give rise to legal wranglings.

Meanwhile, Anglo said that IL&P asked for and received inter-bank loans throughout 2008, including a complex €3.45bn "security repurchase arrangement" at the end of June 2008. This served to bring down IL&P's European Central Bank borrowings at the time. A spokesman for IL&P said: "This is a normal inter-bank relationship that we had with Anglo. There is nothing more to be added." He said it was not a reciprocal arrangement in return for deposits at Anglo. The Financial Regulator said it made it clear that over the period of the current turmoil it encouraged Irish banks to work together where necessary so as to continue to use normal inter-bank funding arrangements for liquidity purposes. However, it "utterly rejects any suggestion that this would have constituted encouragement of the type of circular transactions that have been referred to in recent reports".

It is understood major shareholders will hold their fire, however, until after the completion of a watchdog probe of the transactions, which Finance Minister Brian Lenihan wants completed as a matter of priority.

[hermana] 15/2/2009 11:01

Mas,sorry if I overstated things but I believe Lenihan and Bowler should quit and let fresh hands take charge. D.Ahern should be brought into Finance and M.Soden should be put into chair IL&P. External candidate for CEO too.