Obbligazioni bancarie Banche irlandesi: newsflow, ratings, bonds. Il fronte irlandese dell'Euro.
- Creatore Discussione Imark
- Data di Inizio
tommy271
Forumer storico
Tra un pò ne sapremo qualcosa ...
tommy271
Forumer storico
Governo irlandese divide in due l'Anglo Irish Bank
(Teleborsa) - Roma, 8 set - Lo Stato irlandese annuncia una mossa drastica per risanare l'Anglo Irish Bank. L'istituto di credito, cui Dublino è più volte corso in aiuto nazionalizzandolo nel 2009 per evitarne la bancarotta, sarà diviso in due.
Una parte, ha affermato il ministro delle Finanze Brian Lenihan, sarà banca di depositi ("funding bank"), l'altra si dedicherà a risanare gli asset immobiliari ("asset recovery bank") e sarà dismessa in parte o totalmente nel tempo.
La prima entità non fornirà presititi di alcun tipo ma sarà una "casa sicura" per i correntisti Anglo e sarà completamente in mano al Ministero delle Finanze.
(Teleborsa) - Roma, 8 set - Lo Stato irlandese annuncia una mossa drastica per risanare l'Anglo Irish Bank. L'istituto di credito, cui Dublino è più volte corso in aiuto nazionalizzandolo nel 2009 per evitarne la bancarotta, sarà diviso in due.
Una parte, ha affermato il ministro delle Finanze Brian Lenihan, sarà banca di depositi ("funding bank"), l'altra si dedicherà a risanare gli asset immobiliari ("asset recovery bank") e sarà dismessa in parte o totalmente nel tempo.
La prima entità non fornirà presititi di alcun tipo ma sarà una "casa sicura" per i correntisti Anglo e sarà completamente in mano al Ministero delle Finanze.
tommy271
Forumer storico
PUNTO 1 - Anglo-Irish Bank divisa in due, Ue esaminerà dettagli
mercoledì 8 settembre 2010 17:48
(aggiunge governo Irlanda su bond, Almunia)
DUBLINO, 8 settembre (Reuters) - Il governo irlandese dividerà in due Anglo Irish Bank, istituto nazionalizzato, dando vita a una banca di depositi e ad una banca dedicata al risanamento degli asset nel settore immobiliare.
Lo ha annunciato il ministro delle Finanze, Brian Lenihan, precisando che la banca dedicata ai depositi non intraprenderà alcuna nuova iniziativa di business, limitandosi a garantire un collocamento ai conti correnti targati Anglo. La banca focalizzata sulla ristrutturazione degli asset si dedicherà ai mutui problematici.
Joaquin Almunia, commissario Ue alla Concorrenza, ha detto in una nota che vede positivamente l'operazione annunciata dal governo irlandese, aggiungendo, però, che ci sono diversi aspetti che andranno chiariti prima che Bruxelles prenda la decisione conclusiva.
Tornando ai dettagli del piano di Dublino, la banca di depositi sarà completamente separata dall'altra, ha precisato Lenihan, e sarà controllata dal ministero delle Finanze.
Successivamente, Lenihan ha detto ai giornalisti che il governo di Dublino non consentirà il default di alcun senior bond di Anglo Irish Bank, perché una soluzione del genere danneggerebbe le prospettive di finanziamento sovrano.
***
Non cita i subordinati.
Complessivamente tra senior e subordinati 16 MLD.
mercoledì 8 settembre 2010 17:48
(aggiunge governo Irlanda su bond, Almunia)
DUBLINO, 8 settembre (Reuters) - Il governo irlandese dividerà in due Anglo Irish Bank, istituto nazionalizzato, dando vita a una banca di depositi e ad una banca dedicata al risanamento degli asset nel settore immobiliare.
Lo ha annunciato il ministro delle Finanze, Brian Lenihan, precisando che la banca dedicata ai depositi non intraprenderà alcuna nuova iniziativa di business, limitandosi a garantire un collocamento ai conti correnti targati Anglo. La banca focalizzata sulla ristrutturazione degli asset si dedicherà ai mutui problematici.
Joaquin Almunia, commissario Ue alla Concorrenza, ha detto in una nota che vede positivamente l'operazione annunciata dal governo irlandese, aggiungendo, però, che ci sono diversi aspetti che andranno chiariti prima che Bruxelles prenda la decisione conclusiva.
Tornando ai dettagli del piano di Dublino, la banca di depositi sarà completamente separata dall'altra, ha precisato Lenihan, e sarà controllata dal ministero delle Finanze.
Successivamente, Lenihan ha detto ai giornalisti che il governo di Dublino non consentirà il default di alcun senior bond di Anglo Irish Bank, perché una soluzione del genere danneggerebbe le prospettive di finanziamento sovrano.
***
Non cita i subordinati.
Complessivamente tra senior e subordinati 16 MLD.
tommy271
Forumer storico
Dublin unveils plan to split Anglo Irish Bank
By John Murray Brown in Belfast
Published: September 8 2010 17:23 | Last updated: September 8 2010 17:23
The Irish government is to split Anglo Irish Bank, retaining a deposit-taking unit while winding down the troubled lender’s other activities over time.
The announcement on Wednesday followed an emergency cabinet meeting to discuss the plight of the nationalised property lender, which has already received €23bn ($30bn) in state aid to stay afloat.
As part of the wind-down, the so-called asset recovery unit will be eventually be sold or its assets will be run down over a period of time. The funding bank, meanwhile, will be separated from Anglo Irish’s loan assets and will be owned directly by the finance ministry. It will not engage in any lending but will continue to accept and manage deposits.
“Today’s decision by the government will provide certainty about the future of Anglo Irish Bank. Resolution of this, our most distressed institution, is essential to the promotion of confidence and stability in our financial system,” Brian Lenihan, finance minister, said in a statement.
"Anglo Irish Bank has not expanded its loan book since it was nationalised in early 2009 and this will remain the case," he said.
The announcement was aimed at calming market nerves in a week when Ireland’s cost of borrowing has reached new highs. Investors are concerned over the country’s weak banking sector, which analysts fear will hamper attempts to address a budget deficit that is the largest in the eurozone, at 14 per cent of national output.
The yield, or interest rate, on Irish 10-year government bonds stood at more than 6 per cent on Wednesday, about 3.8 percentage points higher than benchmark German Bunds.
Standard & Poor's downgraded Ireland’s long-term debt rating last month citing particular worries over Anglo Irish, which S&P estimated could cost Irish taxpayers as much as €35bn – a figure the government disputes.
The Dublin government, with approval from the European Commission, has already provided close to €23bn to maintain minimum capital buffers at the beleaguered bank.
Anglo, like other Irish banks, has been forced to take massive upfront losses as impaired loans to property developers are transferred to the National Asset Management Agency, the government’s so-called bad bank. However, the poor quality of Anglo’s loan book has meant the discounts imposed by Nama have been much larger than other institutions. The latest tranche of loans carried a haircut of 62 per cent.
The government said it would announce the final cost for the Anglo Irish restructuring and resolution of the bank by October, with the central bank to determine the levels of capital needed in both institutions. "It is intended that in due course the recovery bank will be sold in whole or in part or that its assets will be run off over a period of time," the department said.
The plan avoids the immediate need to shut down the bank which Brian Cowen, prime minister, warned at the weekend could cost the state as much as €70bn as the assets sold in a fire sale would not cover the liabilities.
Anglo Irish's total liabilities of just over €80bn at the end of June include customer deposits of €23bn and €26bn in borrowings from the European Central Bank. It also has debt securities – senior and subordinated debt – of around €16bn.
The bank’s €87bn of assets include €17bn of loans for sale to Nama. In addition there are €29.5bn of loans, which will remain after all its land and development loans are transferred to Nama.
Anglo Irish, once seen as the poster child of Ireland’s “Celtic Tiger” economy, is now widely blamed for pitching the country into its worst crisis in 90 years of independence.
The bank’s balance sheet grew at a staggering average annual rate of 36 per cent in the decade to 2007, but it has burnt through all the capital it accumulated during the boom years.
It reported losses of €12bn last year and in the first half this year it recorded another €8bn loss. The government has had to provide €22.9bn of capital support simply to avoid a situation where bondholders and other creditors could call on a government guarantee that was put in place in September 2008.
Sean FitzPatrick, the former chairman who ran the bank two decades, has been questioned by police over a range of corporate governance issues that were brought to light in the wake of the bank's collapse.
Mr FitzPatrick resigned in December 2008 after admitting that for eight years, he hid from auditors personal loans from the bank. His personal borrowings were more than €120m at the time Mr Lenihan moved to put the bank into state ownership in January 2009.
(Finncial Times)
By John Murray Brown in Belfast
Published: September 8 2010 17:23 | Last updated: September 8 2010 17:23
The Irish government is to split Anglo Irish Bank, retaining a deposit-taking unit while winding down the troubled lender’s other activities over time.
The announcement on Wednesday followed an emergency cabinet meeting to discuss the plight of the nationalised property lender, which has already received €23bn ($30bn) in state aid to stay afloat.
As part of the wind-down, the so-called asset recovery unit will be eventually be sold or its assets will be run down over a period of time. The funding bank, meanwhile, will be separated from Anglo Irish’s loan assets and will be owned directly by the finance ministry. It will not engage in any lending but will continue to accept and manage deposits.
“Today’s decision by the government will provide certainty about the future of Anglo Irish Bank. Resolution of this, our most distressed institution, is essential to the promotion of confidence and stability in our financial system,” Brian Lenihan, finance minister, said in a statement.
"Anglo Irish Bank has not expanded its loan book since it was nationalised in early 2009 and this will remain the case," he said.
The announcement was aimed at calming market nerves in a week when Ireland’s cost of borrowing has reached new highs. Investors are concerned over the country’s weak banking sector, which analysts fear will hamper attempts to address a budget deficit that is the largest in the eurozone, at 14 per cent of national output.
The yield, or interest rate, on Irish 10-year government bonds stood at more than 6 per cent on Wednesday, about 3.8 percentage points higher than benchmark German Bunds.
Standard & Poor's downgraded Ireland’s long-term debt rating last month citing particular worries over Anglo Irish, which S&P estimated could cost Irish taxpayers as much as €35bn – a figure the government disputes.
The Dublin government, with approval from the European Commission, has already provided close to €23bn to maintain minimum capital buffers at the beleaguered bank.
Anglo, like other Irish banks, has been forced to take massive upfront losses as impaired loans to property developers are transferred to the National Asset Management Agency, the government’s so-called bad bank. However, the poor quality of Anglo’s loan book has meant the discounts imposed by Nama have been much larger than other institutions. The latest tranche of loans carried a haircut of 62 per cent.
The government said it would announce the final cost for the Anglo Irish restructuring and resolution of the bank by October, with the central bank to determine the levels of capital needed in both institutions. "It is intended that in due course the recovery bank will be sold in whole or in part or that its assets will be run off over a period of time," the department said.
The plan avoids the immediate need to shut down the bank which Brian Cowen, prime minister, warned at the weekend could cost the state as much as €70bn as the assets sold in a fire sale would not cover the liabilities.
Anglo Irish's total liabilities of just over €80bn at the end of June include customer deposits of €23bn and €26bn in borrowings from the European Central Bank. It also has debt securities – senior and subordinated debt – of around €16bn.
The bank’s €87bn of assets include €17bn of loans for sale to Nama. In addition there are €29.5bn of loans, which will remain after all its land and development loans are transferred to Nama.
Anglo Irish, once seen as the poster child of Ireland’s “Celtic Tiger” economy, is now widely blamed for pitching the country into its worst crisis in 90 years of independence.
The bank’s balance sheet grew at a staggering average annual rate of 36 per cent in the decade to 2007, but it has burnt through all the capital it accumulated during the boom years.
It reported losses of €12bn last year and in the first half this year it recorded another €8bn loss. The government has had to provide €22.9bn of capital support simply to avoid a situation where bondholders and other creditors could call on a government guarantee that was put in place in September 2008.
Sean FitzPatrick, the former chairman who ran the bank two decades, has been questioned by police over a range of corporate governance issues that were brought to light in the wake of the bank's collapse.
Mr FitzPatrick resigned in December 2008 after admitting that for eight years, he hid from auditors personal loans from the bank. His personal borrowings were more than €120m at the time Mr Lenihan moved to put the bank into state ownership in January 2009.
(Finncial Times)
Imark
Forumer storico
Occhio che sulla stampa credo vadano un po' ad orecchio: anche io ieri ho trovato indicati in 26 Mld euro i bond senior (invece sono 16, dato H1/2010), mentre poco meno di 2,5 mld euro i non senior
tommy271
Forumer storico
Qualche errore di battitura delle agenzie di stampa ...
Comunque che ne pensi? Da qualche parte dovranno iniziare a tagliare ... c'è da dire che la situazione, al momento, non è drammatica. Critica, senz'altro.
Imark
Forumer storico
Penso che azzerare solo i subordinati servirebbe a qualcosa, ma non a molto... sulla tempistica, comunque, concordo con te: direi una situazione grave ma non acuta.
Credo che per ora tamponino così, poi si vedrà... molto dipenderà da come andrà l'immobiliare in UK, anche per le altre banche.
Tempo un annetto, e si potrà valutare l'impatto dell'austerity sul real estate di quel paese.
fabriziof
Forumer storico
BANK
PLAN: THE GOVERNMENT has decided to wind down Anglo Irish Bank while seeking to secure its [euro]54 billion in deposits.
Minister for Finance Brian Lenihan said the Government has an estimated cost for its plan but did not disclose it.
The Government had decided against the good bank/bad bank option which had been favoured by the management of Anglo Irish Bank. "We do not believe that the creation of a new bank out of the wreckage of Anglo that will require additional capitalisation will necessarily result in any substantial additional benefit to the taxpayer," Mr Lenihan said.
The alternative plan unveiled yesterday means Anglo will not be involved in new lending. This in turn will mean a lower level of fresh capital will be required.
The Government has decided that Anglo should be broken into two banks, a funding bank or savings bank, and an asset-recovery bank. The Anglo name will disappear and the new banks will be rebranded.
"The guaranteed position of depositors will be unchanged by the new arrangements and no action is required of them," said Mr Lenihan.
The length of time taken to wind down the asset-recovery bank would depend on what was in the best interests of the exchequer.
Mr Lenihan said Financial Regulator Matthew Elderfield will decide how much capital the two new banks will need. That decision is expected by October and will give "as much certainty as is possible" about the final cost of dealing with Anglo.
The senior and subordinated bonds that are held by Anglo will go to the asset-recovery bank. Mr Lenihan said the State is not going to default on Anglo's senior bonds because of the threat that would pose to the State itself.
Commentary about defaulting on Anglo's debts was "very dangerous" as it caused people abroad to think the Government might be giving consideration to such a move, which it was not.
On the bank's [euro]2 billion-plus in subordinated debt, Mr Lenihan said it would be open to the new bank to seek to reduce it in value once it came out from under any guarantees. The bank has in the past conducted buy-backs of subordinated debt at discounted prices.
The details of the legal relationship between the two proposed banks has yet to be established. It is envisaged that the savings bank will buy bonds that will be issued by the asset-recovery bank.
Mr Lenihan said the discussions with the European Commission had led to it "coming to the same conclusions as ourselves" about what should happen with Anglo. The EU's state-aid rules were not a decisive factor.
The Government's decision, Mr Lenihan said, "puts certainty and finality over the whole Anglo story". When the regulator gives his view on the levels of capital required by the two new banks "we will have absolute certainty".
He said the interest rates Ireland is being charged on the international bond markets had not "bounced" the Government into making its decision but it had caused it to bring forward its announcement of the decision.
He said the asset-recovery bank, if well run and well managed, could achieve a return for the State.
He said Irish banks will be able to refund themselves. "There will be no cliff at the end of the month." As this became clearer it will in itself reassure the markets, he said.
He said the concerns of the markets were to do with the banking sector and not Ireland's public finances.
It is understood the department feared that depositors might have been prompted to move their funds from Anglo if there was a straightforward wind-down.
However, with the Government's plan it is hoped more depositors will leave their money where it is, as the deposits will be in a Government-owned bank. The savings will be "insulated" from risks associated with Anglo's loan book, Mr Lenihan said.
Originally published by COLM KEENA Public Affairs Correspondent.
(c) 2010 Irish Times. Provided by ProQuest LLC. All rights Reserved.
insomma il debito va a finire nella bad bank.il senior si salva ,per il subordinato si prevedono buyback e comunque misure per ridurlo.
PLAN: THE GOVERNMENT has decided to wind down Anglo Irish Bank while seeking to secure its [euro]54 billion in deposits. Minister for Finance Brian Lenihan said the Government has an estimated cost for its plan but did not disclose it.
The Government had decided against the good bank/bad bank option which had been favoured by the management of Anglo Irish Bank. "We do not believe that the creation of a new bank out of the wreckage of Anglo that will require additional capitalisation will necessarily result in any substantial additional benefit to the taxpayer," Mr Lenihan said.
The alternative plan unveiled yesterday means Anglo will not be involved in new lending. This in turn will mean a lower level of fresh capital will be required.
The Government has decided that Anglo should be broken into two banks, a funding bank or savings bank, and an asset-recovery bank. The Anglo name will disappear and the new banks will be rebranded.
"The guaranteed position of depositors will be unchanged by the new arrangements and no action is required of them," said Mr Lenihan.
The length of time taken to wind down the asset-recovery bank would depend on what was in the best interests of the exchequer.
Mr Lenihan said Financial Regulator Matthew Elderfield will decide how much capital the two new banks will need. That decision is expected by October and will give "as much certainty as is possible" about the final cost of dealing with Anglo.
The senior and subordinated bonds that are held by Anglo will go to the asset-recovery bank. Mr Lenihan said the State is not going to default on Anglo's senior bonds because of the threat that would pose to the State itself.
Commentary about defaulting on Anglo's debts was "very dangerous" as it caused people abroad to think the Government might be giving consideration to such a move, which it was not.
On the bank's [euro]2 billion-plus in subordinated debt, Mr Lenihan said it would be open to the new bank to seek to reduce it in value once it came out from under any guarantees. The bank has in the past conducted buy-backs of subordinated debt at discounted prices.
The details of the legal relationship between the two proposed banks has yet to be established. It is envisaged that the savings bank will buy bonds that will be issued by the asset-recovery bank.
Mr Lenihan said the discussions with the European Commission had led to it "coming to the same conclusions as ourselves" about what should happen with Anglo. The EU's state-aid rules were not a decisive factor.
The Government's decision, Mr Lenihan said, "puts certainty and finality over the whole Anglo story". When the regulator gives his view on the levels of capital required by the two new banks "we will have absolute certainty".
He said the interest rates Ireland is being charged on the international bond markets had not "bounced" the Government into making its decision but it had caused it to bring forward its announcement of the decision.
He said the asset-recovery bank, if well run and well managed, could achieve a return for the State.
He said Irish banks will be able to refund themselves. "There will be no cliff at the end of the month." As this became clearer it will in itself reassure the markets, he said.
He said the concerns of the markets were to do with the banking sector and not Ireland's public finances.
It is understood the department feared that depositors might have been prompted to move their funds from Anglo if there was a straightforward wind-down.
However, with the Government's plan it is hoped more depositors will leave their money where it is, as the deposits will be in a Government-owned bank. The savings will be "insulated" from risks associated with Anglo's loan book, Mr Lenihan said.
Originally published by COLM KEENA Public Affairs Correspondent.
(c) 2010 Irish Times. Provided by ProQuest LLC. All rights Reserved.
insomma il debito va a finire nella bad bank.il senior si salva ,per il subordinato si prevedono buyback e comunque misure per ridurlo.
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