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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Ulster Bk.11.75 | FAP | London | Bond |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 175.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 175.00 | 175.00 |
| Top Posts |
|---|
Posted at 06/5/2011 10:40 by cerrito See that Q1 2011 Ulster Bank losses after impairment were £377m compared to £137m in Q1 2010.I guess with all the Irish Banks flat on their backs there is an opportunity to scoop up good business. Nothing has come up which would suggest that RBS would allow FAP subordinated loans go under but still anticipating some buy back whenever RBS gets round to it. |
Posted at 11/11/2010 10:26 by p@ Have just sold mine today,what with me paying Irish tax and the housing market there,I will miss the Divi though.Good luck to you all.P@ |
Posted at 09/8/2010 12:29 by cerrito While I am now pretty comfortable that RBS will not default on FAP, did spend a few minutes going through the RBS interims.As always the nearest level of detail you get refers to Ulster Bank rather than our obligor Ulster Bank Ireland. Page 51 of the acrobat download-out of 393 has the main commentary, more info on pages 104 and 115. After all the provisions the balance sheet of at least the main Ulster Bank must be pretty horrible. In the appendix says that Ulster bank withdrawing from early stage property lending so this will now be a non core activity but focusing on residential mortgages which will now be a core activity. Read the appendix which concentrated on businesses to be sold and saw nothing which suggests they are selling Ulster Bank Ireland...and indeed would not expect this as this is EEC driven and in the Republic Ulster bank is I assume a small player. |
Posted at 14/7/2010 18:37 by cerrito Been having a look at the July 1 2010 prospectus for an EMTN issue of up to E10,000,000,000(yes I had to check the zeros).You can get this on The issuer is the new FAP-Ulster Bank Ireland Ltd and as you would expect there is no gtee or indeed comfort letter from other parts of the RBS group. Prospectus says the notes had been rated but left blank the rating. Does not have financial statements, but the 2008 and 2009 financials were apparently an attachment. Told me what I think I knew namely that did not go into the Irish Government's ELG scheme but rather the UK Asset Protection scheme. Risk factors went on about there will be more writedowns and difficulties in getting retail deposits. Reading the Risk Factors section seems implicit that the bank will continue to receive support from RBSG, although of course the question for FAP holders is if this support will extend to the subordinated debt holders. One assumes that given the very small amount of FAP subordinated debt in the context of the RBSG pragmatically they are not going to open the pandora's box of allowing the subordinated debt holders to loose out. Furthermore the fact that this EMTN is being issued does give us some confidence that the Group is giving attention to the travails of this bank. |
Posted at 12/6/2010 23:33 by p@ woody-my last divi slip is dated 11/5/10. |
Posted at 26/2/2010 17:42 by cerrito I went through the RBS results to see if there was any commentary on FAP/Ulster Bank; reading these results you can see that FAP is the very least of the issues that they have.Commentary on Page 61 of the report on Ulster Bank(of which FAP would be a small amount) and this shows that Impairment charges were £649m(08-£106m) and with operating profits at just £281m they had a post impairment annual loss of £368m(08-a £218m profit). I guess there will be more info when the RBS annual report comes out. |
Posted at 27/11/2009 18:39 by cerrito p@I guess given no share price reaction today the market agrees with your prognosis. I do not want to be a party pooper but reading the RBS statement today suggests that FAP should be subject to the two year coupon standstill. FAP is a direct or indirect sub of RBSG and these are tier two instruments. Perhaps it was an oversight that they were not included in the Oct 20 list. Hopefully I am being pessimistic and I need to get hold of someone in FAP to find out the situation.If you say the upcoming FAP merger with Ulster Bank is a suresign that RBS is not going to walk away from FAP(as I do), then at these prices and yields the market clearly feels there are dangers ahead. why else can you buy FAP on a 12.93% yield-except perhaps the 20% Irish Tax. |
Posted at 06/11/2009 10:05 by cerrito posted on nwbdAs a FAP holder not happy to read in today's IMS about the increased loan impairments taken by the overall Ulster Bank Group with special impact in the Republic. This increase covered mortgages, general and corporate loans. The quarter on quarter increase in impairment losses throughout the year has been £17m,£90m and £144m and there has been a decline in operating profits caused partly by a decrease in NIM itself caused by the competition offered by Irish banks with their govt guarantee. As we have no individual figures for FAP not possible to work out how this impacts on FAP's balance sheet. Prospectus says that that interest will not be paid if payment of such interest means they break Central bank regulations and /or would cause/contribute to the failure of the company. No movement in the share price this week but given so little trading that does not tell us anything One strongly assumes that interest due next week will be paid and one suspects that overall RBS management have not really made up their mind what to do about interest going forward. Once the merger into Ulster Bank ROI is completed in the first quarter they may well want to do some balance sheet tidying up and do a tender offer. If one can sell at 77 post costs one is foregoing a running yield of 15.2% assuming one can offset the Irish 20% withholding tax. My reading of the prospectus is that interest is not cumulative In the Ulster Bank financials this debt is classified as tier two but does not say if upper or lower. |
Posted at 18/10/2007 08:30 by energyi As of August 31, 2007, the Company's net assets, including C$129.5 Million in bank borrowing, amounted to C$541.7 Million with a net asset value per share of C$7.83.As of August 31, 2007, 55.7% of the portfolio was invested in securities where either the issue or the issuer was rated "A" or better, or judged by the Investment Manager to be of equivalent quality. The credit quality and maturity breakdown of the portfolio was as follows (more? see link) 31, 2007, the portfolio was invested as follows: Currency Exposure (%) Geographic Exposure (%) Australia 20.7 39.5 New Zealand 0.2 1.8 United States 61.1 * 1.4 Canada 4.0 4.0 Mexico 1.6 1.6 South Korea - 4.6 Singapore 3.5 1.4 Thailand 1.4 1.0 Philippines 1.2 17.3 Malaysia 4.1 4.2 India 0.5 2.2 China - 1.4 Hong Kong - 4.0 Indonesia 1.7 14.8 As of August 31, 2007, the average maturity of the portfolio was 9.2 years. A revolving credit loan facility, in the amount of US$120,000,000, was entered into on October 5, 2006 with the Bank of Nova Scotia, in order to fund the redemption of the Company's Auction Market Preferred Stock ("AMPS") that took place in October 2006. In November 2006, approximately 25% of the loan was drawn in Canadian dollars in place of U.S. dollars. The leverage is used with the intent of enhancing returns by borrowing at interest rates that are lower than the relatively higher yields of the Asian-Pacific fixed income securities in which the Company invests. The Company has entered into interest rate swap agreements in order to fix the interest payable on an aggregate notional amount of US$76.8 million, which represents 64% of the bank loan facility. .more: |
Posted at 28/12/2004 00:34 by bird of dawning I don't reckon its likely to become a cash shell just yet. The China card is still good especially with the new global deal on tariffs relating to the textile industry, due to be implemented in 2005. From the investment aspect, FAP is now selling at a 16% discount to its NCAV and with no gearing. Therefore, plenty of `margin of safety' and a Ben Graham type long term value recovery play.regards bod |
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