UPDATE 1-Moody's says Anglo Irish Bank seen splitting up
Published: 01 Mar 2010 20:02:36 PST
* Downgrades dated subordinated
debt to Ba1 from Baa1
* Chance of
bank being wound up in medium term very low (Adds quotes, background)
DUBLIN, March 1 - Moody's downgraded Anglo Irish
Bank's dated subordinated debt pending a restructuring that theratings agency said would most likely result in a split into a "good" and a "bad" bank.
The Irish
government nationalized Anglo Irish after it was weakened by exposure to a property
market crash and a series of deposit and loan scandals. (For a factbox on the Anglo Irish scandals, please click on [ID:nLH729143])
Dublin has pumped 4 billion euros of capital into the bank, which will also transfer about 28 billion euros worth of loans to
Ireland's National Asset Management Agency (NAMA), the state's "bad bank."
Moody's said Anglo was still at an early stage of
talks with the European Commission on its restructuring
plan, with the most likely scenario being a further split of its remaining assets into an operating, or "good" bank, and a "bad" or "non-bank."
The bank had no immediate comment.
It said the non-bank would be wound down over a long period of time but it was very unlikely the whole of Anglo would be liquidated over the short or medium term because of the potential impact on the Irish sovereign.
Anglo Irish's chairman also said last year that even an orderly winding down of the whole bank would cause an excessive burden for the Irish exchequer. He said he preferred to see a fast sale of the bank or some of its loan book rather than a potentially lengthy stabilisation process as a stand-alone bank.
Newspaper
reports have since mentioned the possibility of its being split into two.
Moody's downgrade on Monday took the rating on Anglo's dated subordinated debt to "Ba1" from "Baa1" and it remains on review for a possible further downgrade.
"In the event of 'good bank / bad bank' split, our assumption is the junior securities, including the dated subordinated debt, would be left in the bad bank to help absorb losses," Moody's said.
ecco un report di moody's di un mese fa.nessuno che risponde alla mia domanda?
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