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

[tommy271]

Anglo Irish May Cost Maximum EU29 Billion, Business Post Says

September 26, 2010, 1:37 PM EDT

By Dara Doyle
Sept. 26 (Bloomberg) -- Anglo Irish Bank Corp. may need a total capital injection of between 28 billion euros to 29 billion euros, the Sunday Business Post said, without citing anyone. That figure includes over 20 billion euros already injected or pledged to the Dublin-based lender.
Ireland’s regulator is due to this week release an estimate the cost of recapitalizing the state-owned lender as it’s split into a deposit bank and an asset recovery bank. The regulator may detail an expected total and a separate figure which would take account of a stressed scenario based on bigger losses on Anglo, the Dublin-based newspaper said. A Finance Ministry spokesman said he could not comment on the report or a report in the Sunday Times that the government may offer to buy back senior Anglo Irish debt at a discount.

 

[tommy271]

Il punto sulla situazione:

FT.com / In depth - Irish ministers hold talks on Anglo Irish

 

[tommy271]

Senior CPC official sees huge potential for cooperation with Ireland​

English.news.cn 2010-09-27 00:07:35


DUBLIN, Sept. 26 (Xinhua) -- Senior Communist Party of China (CPC) official Li Changchun said here Sunday that Beijing and Dublin have huge potential to deepen bilateral ties and cooperation.
Since the two sides established diplomatic relations 31 years ago,bilateral relations have developed steadily, said Li, a member of the Standing Committee of the CPC Central Committee Political Bureau, upon his arrival for a two-day official goodwill visit.
Especially in recent years, China and Ireland have increased high-level exchanges, carried out fruitful and mutually-beneficial cooperation in various fields including politics, trade, education, culture and science and technology, and maintained close coordination on international affairs, he noted.
Still, the two countries face enormous potential and broad prospects for deepening bilateral ties, Li said, adding that keeping a friendly and cooperative bilateral relationship based on mutual benefit serves the fundamental interests of the peoples of the two nations.
The CPC and the Chinese government attaches great importance to the relations with Ireland and have consistently treated China-Ireland ties from strategic and long-term perspectives, he said.
The Chinese guest said he expects to exchange views with Irish leaders on bilateral relations and major international and regional issues of common concerns.
Li added that he will learn from the host country's experiences in promoting the economy and explore new fields and new ways to enhance mutually-beneficial cooperation for the common good of both nations.
Ireland is the third leg of Li's ongoing four-nation tour which has taken him to Estonia and Montenegro. He is scheduled to visit Iran before returning to China.

 

[tommy271]

Ireland faces bond squeeze after breaking 6.5% barrier


By Dan White

Sunday September 26 2010



THERE were times when listening to RTE's coverage of Tuesday's bond auction when I wondered if I was living in North Korea. The auction, we were assured, was a "success" with the news bulletins enthusiastically quoting unnamed "experts" as saying that the interest rate being paid by Ireland on its bonds was "ridiculous".
The reality, of course, was very, very, different. Not alone did the NTMA have to pay an arm and a leg for the €1.5bn it borrowed, it has also been effectively locked out of the market for 10-year money.

As our creditors grow increasingly nervous, will the Irish State be forced to pay ever-higher interest rates to borrow money for ever-shorter periods? This week's Irish Government bond auction was easily the most difficult encountered by the NTMA so far this year. With the yield or interest rate on the benchmark 10-year bond now having crashed through the 6.5 per cent barrier, the NTMA chose to issue eight-year bonds instead -- the NTMA didn't respond to requests for comment.

While the decision to issue eight-year bonds had been announced by the NTMA a week earlier, the fact that it has now issued eight-year rather than 10-year bonds in two of the past three monthly bond auctions must be cause for concern.
The NTMA issued 10-year bonds in five of six first monthly bond auctions of 2010. The only exception was January, when the bond auction came just a week after €5bn of 10-year bonds had been issued to a syndicate of banks. In any case, the NTMA was able to issue 15-year bonds in the January bond auction.

In July, the NTMA issued eight-year bonds before reverting to 10-year bonds in the August auction. The recent surge in Irish bond yields seems to have deterred the NTMA from issuing 10-year bonds in this month's auction and it opted for eight-year bonds instead. By borrowing for eight years rather than 10, the NTMA was able to secure a slightly lower yield -- 6.023 per cent.

However, this can't disguise the sharp rise in Irish bond yields this year, from just 4.426 per cent for the 10-year bond at last March's auction to over 6.5 per cent this week. Where will Irish bond yields be when the next auction takes place on October 19?

- Dan White
Sunday Independent

 

[tommy271]

Irish response to crisis will make economy stall

Senior economist accuses government of trying to 'sloganeer' the country back to life


By Deirdre Hipwell

Sunday, 26 September 2010


Ireland's most high-profile economist has claimed the country's response to its financial crisis is "like watching a slow car crash".
The economy contracted in the second quarter while a bond auction on Tuesday revealed how expensive the country's runaway deficit has become. Ireland's Central Statistics Office said GDP had dropped by 1.2 per cent between April and June.
The news added weight to the growing clamour within Ireland for the government to stop its harsh fiscal tightening measures and focus on increasing liquidity and stimulating the flagging economy.

Economist David McWilliams, who is credited with being the first to predict Ireland's financial problems, said: "For me as an Irish citizen, this is like watching a slow car crash. The more they cut, the more the economy will continue to stagnate. The Irish government seems to think they can emote the economy to life by sloganeering, but people who don't understand economics have taken over."

Pressure piled up further last Tuesday when the Irish government borrowed nearly $2bn, but at an interest rate more than 4 percentage points dearer than German treasury bonds – Europe's benchmark. This is the highest "risk premium" since the euro was introduced in 1999. It shows how high international investors consider the risk of an Irish sovereign default because of the government's inability to detail the full cost of its banking bail-out, which could be as much as €50bn.

"The Irish government is using the bond markets as a financial skip into which it wants to put all the financial sins of the politicians. But the bond markets are saying either you can have your banking bail out or your welfare state – you choose."
However, Ireland is being applauded internationally for its efforts to rebalance its public finances and reduce its borrowing, currently at €100bn, to 3 per cent of its GDP by 2014.

Jim Power, an economist at Friends First, said Ireland now had a 4 per cent annual cost of funding its debt. "Raising €1.5bn when you owe a total of €100bn is a drop in the ocean," he said. "If this sort of bond yield persists, a lot of Irish debt as it matures is going to have to be refinanced as this higher rate and will be a real burden on the economy."
Ireland is not facing a "double dip" because it has never emerged from recession, he said. Its first quarter 2.2 per cent growth was an abberation, driven by activity in the multinational sectors. As people raise their savings level and exports slow, the shocking drop in GDP in the second quarter could continue.

"There is considerable fiscal pain for Ireland for the foreseeable future," said Mr Power. "We have to be extremely mindful of what the international bond markets are telling us. Ireland has been spending too much and taking in too little taxes and we have to rebalance the public finances."


(The Indipendent)

 

[tommy271]

Oggi sul "Sole 24Ore" fanno capolino anche su queste pagine i "Brady Bond", come ipotizzato da taluni per la Grecia.
Sarà la soluzione?
Tutto, al momento, è confinato nel dibattito accademico... forse però, su queste ipotesi, gli sherpa lavorano.

 

[tommy271]

ECB Considered Using Euro Rescue Funds for Ireland, Handelsblatt Reports

By Jana Randow - Sep 27, 2010 8:09 AM GMT+0200 Mon Sep 27 06:09:29 GMT 2010


The European Central Bank considered activating the euro-region’s rescue fund to assist Ireland in refinancing debt, German newspaper Handelsblatt reported, citing unidentified government officials.
Various euro-area countries had already been told to raise money on Ireland’s behalf if the need arose, the newspaper said, without giving more details. In the end, the authorities decided against the plan, it said.
The spread, or extra yield, investors demand to hold 10- year Irish bonds instead of German debt of the same maturity widened to a record 411 basis points last week.

(Bloomberg)

***
Per sgombrare dubbi, non credo in un default irlandese ma il salvataggio per l'Irlanda non sarà analogo a quello per la Grecia.
Ci sono problemi con la solita Slovacchia, poi settimana scorsa si è aggiunta anche la Slovenia che per bocca di Mitja Gaspari ha dichiarato che il concorso sloveno è unicamente per la Grecia escludendo simili "salvataggi" ad altri paesi europei.
Credo che il passaggio sarà dunque attraverso il costituendo fondo europeo, proprio per non forzare troppo le dinamiche interne alla UE.

 

[tommy271]

New York hedge funds bet against Republic of Ireland

Monday, 27 September 2010


Wall Street hedge funds are thought to be leading the campaign to "short sell" Irish government bonds, making vast profits in the process.
US hedge funds Groveland Capital and Corrientes Advisors are thought to have taken major positions against Irish debt. Giant €60bn asset-manager Pictet also revealed that it had earlier bet against Irish government bonds. JP Morgan is also thought to have taken a bearish position on Irish debt.
The International Monetary Fund estimated that up to €3bn of Ireland's debt was being targeted by speculators through the uses of derivatives.
This practice is likely to have increased in recent weeks over growing fears that Ireland may default on some of the Anglo debts.



Read more: New York hedge funds bet against Republic of Ireland - Business News, Business - Belfasttelegraph.co.uk​

 

[tommy271]

Bank of Ireland to lose £36m after firm closes

Monday, 27 September 2010 08:57


The Bank of Ireland is set to lose almost £36m following the collapse of a Derry-based property developer.
McDaid Developments Ireland, which had developments in the North, Donegal and elsewhere in the Republic, went bankrupt in June.
Its portfolio of sites included completed houses, partially constructed schemes and undeveloped land.
Advertisement

The administrators report showed that the developer owed the bank more than £42m.
It is thought that the sale of the firm's remaining assets would raise less than £8m.

(RTE news)

***
Il corollario intorno a Anglo-Irish ...

 

[tommy271]

Cowen to meet senior Chinese official

MARIE O'HALLORAN


The most senior Chinese politician to visit Ireland since prime minister Wen Jiaboa in 2004 will hold meetings today with the President and with the Taoiseach.
Li Changchun, a senior Communist Party of China official, arrived yesterday on a two-day visit, part of a four-nation tour. He has already visited Estonia and Montenegro on this trip and will go to Iran before returning to China.
Brian Cowen and Mr Li and his delegation are expected to discuss trade and investment, culture, education and agriculture.
They are also expected to sign memorandums of understanding between Ireland and China on cultural co-operation, and exchange and economic co-operation.
Mr Cowen said the Government was committed to the widening and deepening of “the hugely important and positive relationship between our two countries”.
A Chinese news website which reported Mr Li’s arrival quoted him as saying that the Communist Party and the Chinese government attached “great importance to the relations with Ireland”. According to English.news.cn, Mr Li said he would learn “from the host country’s experiences in promoting the economy and explore new fields and new ways to enhance mutually beneficial co-operation for the common good of both nations”.
The European Parliament in Strasbourg last week debated an upcoming summit between the EU and China. A number of MEPs criticised both the EU and China.
Socialist Party MEP for Dublin Joe Higgins hit out at European-based transnational corporations which wanted “more flexibility to reap bigger profits from their Chinese operations on the backs of Chinese workers” costing big business “only 2.7 per cent of the cost of their American counterparts”.
Fine Gael MEP Seán Kelly (Ireland South) said: “I know there are issues regarding human rights, workers’ rights and North Korea etc, but it is only by engaging with countries that you can influence them. If you do not engage, then you become irrelevant.”


(Irish Times.com)


***
La Cina salverà l'Euro? ...