Bank Of Ireland Share Discussion Threads

[cruiser70] 29/10/2013 18:59

with the 20 quid per share from GKP no doubt.

[johnbuy] 29/10/2013 18:19

I'll buy in again here at 10c.

[hermana3] 29/10/2013 08:51

Only the good die young!

[hvs] 28/10/2013 18:38

BANKRUPT IRISH Banks and it going places.

HAs to be an INSIDE JOB.

[cricklewood] 28/10/2013 18:26

Mon, Oct 28, 2013, 17:30


First published:Mon, Oct 28, 2013, 16:34




Minister for Finance Michael Noonan will meet International Monetary Fund (IMF) officials in Washington this evening amid uncertainty over whether the Government will seek a precautionary credit line when it leaves the bailout programme in December.

With only seven weeks to go before Ireland's official exit from the EU-IMF bailout, there is still no consensus in the troika or among European leaders about what sort of backstop might be provided to cushion Ireland's return to the markets.

The Government is keen to ensure any conditions attached to a credit facility should go no further than existing EU budgetary commitments.

However, European sources doubt that would satisfy the European Stability Mechanism fund or the IMF.

Mr Noonan was due to hold talks in the Washington headquarters of the IMF with its first deputy managing director, David Lipton.

IMF managing director Christine Lagarde will meet the Minister for dinner this evening at Ireland's embassy to the US.

This follows Mr Noonan's negotiations last week in Strasbourg with EU economics commission Olli Rehn, as well as discussions in Frankfurt with the European Central Bank and the Taoiseach Enda Kenny's engagement with EU leaders at a summit in Brussels.

With troika inspectors due in Merrion Street tomorrow for their 12th and final mission before the bailout ends in mid-December, the focus now is the terms on which any emergency credit line is granted.

At issue is whether the Government can secure access to a credit line without accepting fiscal policy conditions which go beyond existing obligations under new EU budget rules. However, this is unlikely to satisfy either the IMF or the EU powers.

While there is speculation in political circles that the Coalition will not accept a precautionary loan programme if the conditions are too onerous, Mr Noonan has kept all options in play.

Having indicated during the summer that the Government would be seeking such a programme, it has rowed back from this position. The Government has large cash reserves in place anyway, so it could argue that access to an emergency safety net is not strictly necessary.

To avoid any lack of clarity in the immediate run-up to December 15th, the Coalition expects to make a public declaration of its intentions some time in November.

This timetable allows for the Cabinet to assess Mr Noonan's talks, the troika's mission and the outcome of ongoing stress tests on Ireland's banks.

Safety net

The aim in any declaration would be to provide certainty both to financial markets and the Ireland's international sponsors, with whom any precautionary credit line would have to be agreed.

The IMF and the ECB are keen for the Government to take on a programme precautionary credit line but they are insisting on compliance with tough policy conditions in return. Dublin would be obliged to submit to such conditions even if it never drew down money from this credit facility.

Still, the EU commission sees no "obvious" need for such a programme. Its concern is to avoid undermining the "success story" of Ireland's return to private debt markets at the end of the bailout.

Any precautionary programme from the European Stability Mechanism fund would necessitate parliamentary approval in Germany and other euro zone countries.

If proceeding in this manner, there would also be a separate IMF

[cricklewood] 26/10/2013 09:16

The Irish Bank Officials Association yesterday recommended to Bank of Ireland staff the proposed changes in their pension arrangements, which were brokered recently by the Labour Relations Commission (LRC).

"The proposals from the LRC meet the union's core objectives of retaining the defined benefit scheme for future accrual; preserving members' core benefits and other provisions; and applying change in an equitable fashion across all stakeholders," the association's general secretary Larry Broderick said.

"Viewed against the background of recent developments in pensions within Irish banking and in employment generally, and recognising that protracted engagement has taken place between the union and Bank of Ireland since February, our executive committee believes that the final proposals represent the best that can be achieved by negotiation," he added.

'Mature compromise'
Mr Broderick said the LRC proposals represented a "mature compromise" to the opening positions of the bank and its staff.

"Following a series of consultation meetings throughout the Republic, Northern Ireland and Great Britain, the proposals will be put to our members in Bank of Ireland for their approval in a ballot – which we hope to complete by the end of November," he added.

Bank of Ireland is set to reduce its pension deficit by up to €400 million, thus securing the future of its defined pension scheme and paving the way for a stronger capital position.

Following the completion of discussions, which began seven months ago, facilitated by the LRC, the bank's pension deficit, which stood at €1.15 billion as of the end of December 2012, is set to fall as a result of adjustments in benefits.

The solution agreed upon is said to be a "shared" one, in that the bank will reduce the deficit as a result of various measures, and members of the bank's pension scheme will need to agree to cuts in their benefits.


hxxp://www.irishtimes.com/business/sectors/financial-services/bank-of-ireland-staff-advised-to-accept-pension-changes-1.1573931

[cricklewood] 24/10/2013 07:44

Bank of Ireland is set to reduce its pension deficit by up to €400 million, thus securing the future of its defined pension scheme and paving the way for a stronger capital position.

Following the completion of discussions, which first began some seven months ago, between the Irish Bank Officials Association (IBOA), and facilitated by the Labour Relations Commission, the bank's pension deficit, which stood at €1.15 billion as of the end of December 2012, is set to fall as a result of adjustments in benefits. The solution agreed upon is said to be a "shared" one, in that the bank will reduce the deficit as a result of various measures, and members of the bank's pension scheme will need to agree to cuts in their benefits.

While there will be no change in benefits already accrued, there will be a change in how potential future salary increases will qualify for a pension, according to a communication distributed to staff and seen by The Irish Times. The first 1 per cent of any salary increase will be on a defined contribution (DC) basis, rather than a DB basis, while any increase between 1 and 4 per cent will be on a DB basis, and any increase above that cap will revert to the DC scheme.

Retired staff will also be impacted, and the first 1 per cent of any increase they might be entitled to, due to inflation for example, will not be payable.

The bank's hybrid scheme, Lifebalance, is due to close and new entrants into the bank will be eligible for a DC scheme. For employees up to the age of 44, the employer contribution will be 12.5 per cent, rising to 20 per cent for those aged 45 and over. The employee contribution will be 2.5 per cent for both age categories.

The pension scheme is unique in that it requires approval of every member to make a change. If approval is granted, the changes will come from early next year. The IBOA said the agreement will ensure the continuation of the DB scheme for future accrual and protects most of the benefits secured by it in 2010. It is expected to recommend the agreement to members.

hxxp://www.irishtimes.com/business/sectors/financial-services/bank-of-ireland-to-reduce-pension-deficit-by-up-to-400m-1.1570973

[cricklewood] 23/10/2013 20:57

Hi county Kilburn, I know that pub really well was in it last sunday evening around 5pm for a mineral, you could do worse than not buy a few of these, me thinks they are gonna fly by 2015 my retirement year, you have all sort of clowns trying to beat the share price down on other bulliten boards since the nice upward trend including a couple of brokers trying to get cheap stock for their clients, but I am not listening and they are not getting their hands on mine.

[bongo bwana] 23/10/2013 15:42

Hey Cruiser, portfolio is still in intensive care but has been taken off the steroids (no new cash going in).

I think Cat is away most of the time - in Spain possibly ( he might even be a neighbour of mine [suspicious looking MH registered vehicle in the neighbourhood ]LOL ) until things visibly improve here.

I hope ur doing well and if so let me recommend that you have a look at MOS and Forum Energy.

[red army] 22/10/2013 15:41

I see that AIB is getting hammered to day

[cricklewood] 22/10/2013 08:19

Squeeze, what squeeze? Number of millionaire households in UK leaps by a fifth in three years to nearly 350,000


Read more:

[cricklewood] 22/10/2013 07:05

State-owned AIB is now the most valuable bank in Europe following a flurry of share buying recently by retail investors here.

AIB's share price rose by 9.3 per cent in Dublin yesterday to 15.3 cent – roughly three times the level the shares traded at in mid-July. With 520.7 billion shares in issue, this means the Irish bank has an eye-watering market capitalisation of €79.7 billion.

By contrast, Bank of Ireland, which is just 15 per cent owned by the State and is slated to return to profitability before AIB, has a market value of €7.8 billion.

AIB's market cap now dwarfs the €64 billion bailout of the financial sector by the government since 2008 but it is a false valuation, given that 99.8 per cent of the bank is owned by the State and there is no liquidity in the stock.

Just 0.2 per cent of the shares constitute its free float and this is traded on the ESM, the market for junior stocks on the Irish Stock Exchange. No institutions trade in the stock.

Traders said yesterday that the incremental increase in the share price had been driven by a recent strong run by rival Bank of Ireland and signalled that the Irish economy might be turning a corner after five years of austerity.


"There's no logic I can see to the share price at this level," said one trader yesterday. "I'm pretty sure it's not worth close to €80 billion. Either it shouldn't be traded on the market or they should allow it to be shorted, which would sort this out.

"Unlike Bank of Ireland, it was never taken off the list of stocks that couldn't be shorted from a few years back."

The State's shareholding in AIB and Bank of Ireland is managed by the National Pensions Reserve Fund (NPRF), under direction from the Government. According to an independent valuation by Goodbody Corporate Finance for the NPRF, AIB shares were worth only €0.0079 at the end of 2012. That would give it a market value of €4.1 billion.

No comment was available from AIB yesterday on whether any intervention was being considered by the board.

A spokesman for the Department of Finance said he was "not aware of any change to the current position" relating to the trading of AIB shares. The NPRF declined to comment.

[5310carraroe] 21/10/2013 19:28

Not for years

[gizmondouk] 21/10/2013 18:06

here is a question for you guys

will BKIR ever pay dividends again ?

[johnbuy] 20/10/2013 17:59

I'll buy mine at 10c.

[cricklewood] 20/10/2013 07:06

Shares in Bank of Ireland are up 130pc since the start of this year, the best performance for any European bank, Mr O'Sullivan said.

It comes as global stocks hit the latest high yesterday on expectations that the US Federal Reserve will keep its stimulus in place for longer than had originally been thought because of the fallout from the country's government debt crisis.


hxxp://www.independent.ie/irish-news/end-of-the-bust-as-shares-hit-a-five-year-high-29673302.html