Obbligazioni bancarie Banche irlandesi: newsflow, ratings, bonds. Il fronte irlandese dell'Euro.

[Zorba]

Questo è il link alla nuova legge presentata in Parlamento Irlandese.

Credit Institutions (Stabilisation) Bill 2010 - Tithe an Oireachtais

Ho letto velocemente la legge sulle ristrutturazioni bancarie irlandesi. E' una sorta procedura pre-concorsuale, ad impulso del governo, dietro il parere del governatore della banca centrale. Il procedimento si instaura presso la high-court ed è possibile presentare opposizione da parte della banca interessata e dei bondholders subordinati.

In estrema sintesi: Proposed subordinated liabilities orders provides that
the Minister may make a proposed subordinated liabilities order
relating to the subordinated debt of a relevant institution to which
the Minister has provided or intends to provide financial support
under the Credit Institutions (Financial Support) Act 2008 providing
for one or more of a number of specified matters including the
modification of rights as regards the payment of interest, the
repayment of principal, events of default, the timing of obligations,
etc. In addition, a proposed subordinated liabilities order may grant
a shareholding in a relevant institution to some of the subordinated
creditors affected.
A proposed subordinated liabilities order may be made only where
the Minister is of the opinion, having consulted with the Governor
of the Central Bank, that making a subordinated liabilities order is
necessary for preserving or restoring the financial position of the
relevant institution with the consequence of affecting the rights of
subordinated creditors. In making any such proposed subordinated
liabilities order the Minister must have regard to such of a list of
matters as the Minister considers appropriate. These matters include
the amount of indebtedness of the relevant institution to its
subordinated creditors relative to its assets, the extent and nature of
financial support provided or to be provided to the relevant
institution, the likely extent to which the subordinated creditors
would be repaid amounts owing to them in a winding up of that
institution in the absence of such financial support etc.

Il Governo può emettere i seguenti orders:

(a) the postponement, termination, suspension or other modification
of specific rights, liabilities, terms and obligations
associated with all or any of such subordinated liabilities
including (without limiting the generality of the
foregoing) any or all of the following rights, terms and
obligations:
(i) the payment of interest;
(ii) the repayment of principal;
(iii) what constitutes an event of default;
(iv) collective action provisions;
(v) the timing of obligations;
(vi) the due date;
(vii) the applicable law;
(viii) the right to declare, specify or determine an event of
default;
(ix) any right to enforce payment, whether by winding-up
or otherwise;

(b) requiring the relevant institution to acquire those liabilities
30 for a specified consideration, including a consideration
calculated on the assumption that the State—
(i) has not provided and will not provide financial support
to that institution, and
(ii) has not made and will not make any investment in
35 that institution.

In soldoni, a seconda della gravità dei casi, il Governo può chiedere la sospensione degli interessi, il differimento della maturity, il riacquisto da parte della banca dei bond a prezzi prestabiliti, etc...

Insomma, se la banca non riesce a stare in piedi da sola, il governo ha mano libera.

La cosa positiva è che la procedura deve necessariamente passare per il tribunale.

 

[tommy271]

Irlanda, Parlamento vota oggi piano su prestito Ue-Fmi

mercoledì 15 dicembre 2010 09:07




DUBLINO (Reuters) - Il Parlamento irlandese voterà oggi il controverso piano sul prestito da parte di Unione Europea e Fondo Monetario Internazionale, voto che metterà pressione sui partiti di opposizione critici sul pacchetto di aiuti in vista delle elezioni generali del prossimo anno.
Si prevede che il primo ministro Brian Cowen ottenga il via libera al piano di prestiti per 85 miliardi di euro alla Camera bassa, ma la sua decisione politica di aspettare l'approvazione parlamentare ha fatto slittare l'approvazione da parte del consiglio Fmi della sua parte di prestiti.
Nei giorni scorsi il Fondo monetario internazionale ha comunicato che intende rimandare una valutazione sul pacchetto di aiuti da 22,5 miliardi di euro da destinare a sostegno di Dublino in modo da attendere il via libera del parlamento al pacchetto di salvataggio messo a punto insieme all'Unione europea.
"Nel rispetto delle procedure del parlamento irlandese, il Fondo ha stabilito di posporre a dopo il dibattito il giudizio del consiglio sul previsto prestito", ha detto un portavoce.
La decisione di Cowen di cercare fondi esterni è stata criticata da più partiti come un accordo che rappresenta un'umiliante perdita di sovranità.
L'opposizione ha detto che se vincerà le elezioni rinegozierà il pacchetto, cosa prevista dopo le elezioni di febbraio o marzo. Ma la realtà è che si dovrà lavorare insieme entro le scadenze, per evitare il rischio di perdere i finanziamenti.

 

[tommy271]

Irish opposition warns bank bondholders before vote

* Opposition wants some senior bank debt to absorb losses
* Vote on bailout expected to pass with slim majority
* Moody's review of Spain stirs euro zone fears

By Carmel Crimmins


DUBLIN, Dec 15 (Reuters) - Ireland's main opposition party said on Wednesday it had no moral or legal obligation to honour all of its banks' debt as it prepared to vote against a controversial multi-billion euro EU/IMF bailout.

The centre-right Fine Gael party, which will likely lead a coalition government following an election next year, said it would seek to renegotiate the 85 billion euro ($113 billion) rescue package to ease the burden on the taxpayer.

The EU/IMF deal provides enough money to recapitalise its banks, shattered by bad debts, while preserving full repayment of its senior bonds -- those first in line to be repaid in the event of any default.

But Fine Gael said investors who hold bank senior debt not covered by a government guarantee, amounting to around 15 billion euros, should take a share of losses, so lessening the amount that Ireland had to borrow under the EU/IMF deal.

"You have the obscene situation now where the poorest of the poor in Ireland, through their taxes and welfare cuts, are being asked to guarantee the speculation of investors in hedge funds," Michael Noonan, Fine Gael's finance spokesman, told the national broadcaster RTE ahead of a parliamentary vote on the deal.

"Ireland has no moral or legal obligation to cover this debt. That's why it's a bad deal, that's one of the principal reasons we're going to vote against it, and that's why it has to be renegotiated."

Finance Minister Brian Lenihan dismissed as "frankly laughable" opposition suggestions that they could negotiate a better interest rate on the bailout package.

"The only renegotiation possible is on the conditionality of the programme not the interest rates," he told a parliamentary debate on the rescue package.

Prime Minister Brian Cowen is expected to get the package through the lower chamber with the support of at least two independent MPs, but the prospect of a change of government after an election, possibly in March, means political uncertainty will remain.
"They were talking about holding the election in January a while ago, now March is being mentioned. The longer it drags on, the more of a negative it becomes," said Ken Darmody of Goodbody Stockbrokers.

"Investors would prefer to have a new government in place because at the moment you don't know what the policies really are of the two (parties) that are possibly going into power."

EUROPE CALLS THE SHOTS

Noonan's warnings about unguaranteed bank senior debt nudged the price of the debt slightly lower on the secondary market.

"It's not a game changer as of yet because ultimately Europe are calling the shots here, and they have said they don't want any pain for senior bondholders," said Gavin Curran, a bond trader at Dolmen Securities.

Opinion polls indicate Fine Gael will form a coalition government with centre-left Labour after the next election.

Both parties are campaigning to renegotiate the bailout but, given Ireland's dependence on the rescue package to shore up its banks and finance its deficit, and having signed up to its tough fiscal targets, their room for manoeuvre may be limited.
Concerns about the euro zone's debt crisis escalated on Wednesday after the ratings agency Moody's said it had put Spain on review for a possible downgrade.

The premium that investors demand to hold Irish 10-year debt over benchmark German bunds stood at 545 basis points, an increase of 4 basis points on the day but still an improvement from over 700 basis points when the bailout was first unveiled.

SHOCK WAVES

The bailout is designed to end a two-year banking crisis that has brought the Irish economy to its knees and sent shock waves through the euro zone.

In return for 50 billion euros in sovereign funding and 35 billion euros in capital top-ups for its banks, Ireland has promised to shrink and radically restructure its lenders and tackle the worst deficit in Europe by 2015 at the latest.

Dublin will squeeze 15 billion euros -- equivalent to around 10 percent of annual economic output -- from its deficit over four years, starting with the 2011 budget's record package of 6 billion euros in spending cuts and tax rises.

Some economists have warned that such aggressive austerity measures will tip the domestic economy into a prolonged downturn, jeopardising its ability to meet its deficit targets and deal with the debt crisis.

In an attempt to bring order to the banks, parliament will also vote on Wednesday on a new law giving the government extensive power to restructure the sector, including the power to impose losses on subordinated bondholders.

Dublin said on Wednesday it had injected over half a billion euros into the building society EBS to shore up its balance sheet.

There will be a two-hour debate on the bailout package before a vote, likely in the early afternoon. A vote in favour will enable the IMF to approve its 22.5 billion euro portion of the bailout on Thursday.

Dublin expects to start tapping the funding early next year.

 

[tommy271]

Ireland's Lawmakers Vote To Accept EU/IMF Bailout


By Jason Douglas and Quentin Fottrell
OF DOW JONES NEWSWIRES


DUBLIN (Dow Jones)--Irish lawmakers Wednesday voted to accept EUR67.5 billion in loans from the European Union and International Monetary Fund as part of an EUR85 billion package to shore up Ireland's stricken banks and public finances.

The passage of the vote is an important victory for Prime Minister Brian Cowen's ruling coalition, although it is expected to lose power in a general election early next year amid widespread dissatisfaction with the government's role in Ireland's financial crisis.

The government won with a majority of six votes.

The EU and IMF money will be used to stabilize Ireland's banks and provide the exchequer with funds while sky-high borrowing costs keep Ireland locked out of capital markets. Ireland is contributing another EUR17.5 billion of its own resources to the rescue package and has agreed bilateral loans with the U.K. and other nations.

Opposition parties Fine Gael, Labour and Sinn Fein voted against accepting the loans from the EU and IMF, saying they represented a bad deal for the Irish people.

The Irish government will begin drawing on the funds early in the new year, Finance Minister Lenihan said Dec. 10.

Ireland is the second euro zone country to receive international aid, after Greece. Ireland turned to the EU and IMF after investors became increasingly reluctant to lend it money because of the huge strain on the public finances of supporting its banks, whose deposits and vast debts were guaranteed by the government in September 2008.

Cowen's government has embarked on an unpopular austerity drive that aims to reduce Ireland's budget deficit to under 3% of gross domestic product by 2014.

Tax hikes and cuts to the minimum wage and further reductions on handouts to the poor and the blind have stoked public anger.

Voters are scheduled to go to the polls once the final pieces of the government's 2011 budget legislation, which lays out EUR6 billion of a total of EUR15 billion of tax hikes and spending cuts over four years, have been passed by parliament.

***
Con 6 voti a favore il Parlamento approva.

 

[tommy271]

Irlanda, via libera parlamento a piano salvataggio Ue/Fmi

mercoledì 15 dicembre 2010 16:34

DUBLINO, 15 dicembre (Reuters) - Disco verde del parlamento irlandese al programma di salvataggio da 85 miliardi di euro messo a punto da Unione europea e Fondo monetario internazionale.
La misura spiana la strada al via libera da parte del Fondo alla propria quota del pacchetto, atteso in settimana.
Il programma - 35 miliardi a favore del sistema bancario e 50 per le necessità di finanziamento nei prossimi tre anni - è stata approvata con 81 voti favorevoli e 75 contrari.

 

[pier_pat]

....
***
Con 6 voti a favore il Parlamento approva.

...tempo di voti sul filo di lana... speriamo servano, di qui e di là...

 

[tommy271]

...tempo di voti sul filo di lana... speriamo servano, di qui e di là...

Maggioranza risicata ma l'importante è che abbia approvato.
Occhio intanto, come dicevamo stamattina, ai sub. irish ...

 

[Zorba]

Le azioni di AIB e BOI sono schizzate in alto...

 

[Zorba]

CMQ, a seguito della presentazione del BILL, AIB si è subito affrettata ad emettere un comunicato, BOI non ha emesso nessun comunicato (come se la legge non la tangesse).

*.*.*

AIB - Credit Institutions Bill 2010


14th December 2010
18:20


Allied Irish Banks, p.l.c. ("AIB") [NYSE: AIB] notes the publication earlier today of the Credit Institutions (Stabilisation) Bill 2010 and the Minister for Finance’s press release comments in relation to AIB. As noted in the press release, the Minister has indicated the legislation, if passed, will be available to effect, in part, an injection of capital into AIB prior to year end. This injection would be made with a view to ensuring AIB remains in compliance at year end with its regulatory capital requirements as determined by the Central Bank of Ireland.
AIB is reviewing the draft legislation and will continue to hold discussions with the State authorities regarding the receipt of capital.
A further update will be provided following the conclusion of these discussions.

 

[tommy271]

Il Presidente islandese Grimsson: l'Irlanda segua il nostro esempio




15 dicembre 2010 (MoviSol) - Le dichiarazioni del Presidente islandese Olafur R. Grimsson e di altri membri del governo, come pure l'intervento dell'EIR alla conferenza stampa della BCE (vedi "La BCE immola l'Irlanda per salvare l'Euro"), hanno posto attenzione sul "modello islandese" come alternativa alle attuali politiche criminali imposte dall'Unione Europea all'Irlanda. "La differenza è che in Islanda abbiamo lasciato fallire le banche" e salvato i cittadini, ha dichiarato il Presidente Grimsson in un'intervista a Bloomberg il 26 novembre. "Si trattava di banche private e non abbiamo pompato denaro per tenerle a galla; lo stato non si è accollato la responsabilità delle banche private fallite".

All'inizio dell'anno, quando il Parlamento approvò l'accordo draconiano di salvataggio, Grimsson esercitò le sue prerogative presidenziali per far indire un referendum, in cui la popolazione respinse l'accordo a grande maggioranza.

"L'Islanda se la passa molto meglio di quanto tutti si aspettassero", ha detto Grimsson, il quale si è auspicato un secondo referendum per decidere che cosa fare dei debiti verso l'estero derivanti dai depositi di Icesave nella fallita Landsbanki.

"Fino a che punto possiamo chiedere alla gente comune, agricoltori, pescatori, insegnanti, medici e infermieri, di accollarsi la responsabilità di banche private fallite?", si è chiesto Grimsson. "Questo interrogativo, che è stato al centro della questione Icesave, ora sarà il tema scottante in molti paesi europei".

Dopo che l'Islanda rifiutò il salvataggio bancario, il FMI cedette e cominciò a elargire un prestito di 4,6 miliardi di dollari. Secondo Grimsson, il governo forse non avrà nemmeno bisogno dell'intera somma. Le banche fallite sono state divise, separando gli 85 miliardi di debito estero dalle attività interne della banca, in modo da assistere l'economia nazionale.

Le raccomandazioni di Grimsson rivolte agli altri paesi europei sono state echeggiate dal ministro delle Finanze Steingrimur Sifgusson in un'intervista il 2 dicembre. "Cercare di salvare un sistema bancario troppo grande è un fardello tremendo", ha detto Sigfusson. "Salvare le banche non è stato mai un tema per noi; esse erano troppo grandi".

E persino il banchiere centrale Mar Gudmundsson ha ammonito: "Penso che gli irlandesi ora ammettano di aver avuto troppa fretta nel garantire tutti i debiti delle banche", ha dichiarato ad una conferenza a Francoforte. "Ora questo sta diventando un grande fardello perché gli assets di queste banche si rivelano molto peggiori di quanto pensassero".



(Movisol.org)