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Tier 1 Securities and update on the Liability Management Exercise
ANGLO IRISH BANK CORPORATION LIMITED (the “Bank”)
This Announcement relates to the Tier 1 Securities listed below and, in respect of the Liability Management Exercise, the Tier 2 Securities listed below.
The European Commission, as a condition of its approval of the Government’s capitalisation of the Bank of up to €4bn, required that no further coupon payments be made on any of the Bank’s Tier 1 Securities except for the payment due on the TONICS (as defined below) on 23rd July 2009. As a consequence, the relevant issuers will have to exercise their discretion pursuant to the relevant terms of the Tier 1 Securities to defer payments and the first coupon payments that will be affected will be the coupon payments otherwise payable in late September 2009.
As previously announced, the Bank has been considering a Liability Management Exercise. The Bank is actively working on this exercise which is intended to involve an offer for the Tier 1 Securities and Tier 2 Securities listed below, the making of which will be subject to regulatory and Department of Finance approval.
The Tier 1 Securities are:
Group Company Secretary
Tel: 00 353 1 616 2506
9th July 2009
ANGLO IRISH BANK CORPORATION LIMITED (the “Bank”)
This Announcement relates to the Tier 1 Securities listed below and, in respect of the Liability Management Exercise, the Tier 2 Securities listed below.
The European Commission, as a condition of its approval of the Government’s capitalisation of the Bank of up to €4bn, required that no further coupon payments be made on any of the Bank’s Tier 1 Securities except for the payment due on the TONICS (as defined below) on 23rd July 2009. As a consequence, the relevant issuers will have to exercise their discretion pursuant to the relevant terms of the Tier 1 Securities to defer payments and the first coupon payments that will be affected will be the coupon payments otherwise payable in late September 2009.
As previously announced, the Bank has been considering a Liability Management Exercise. The Bank is actively working on this exercise which is intended to involve an offer for the Tier 1 Securities and Tier 2 Securities listed below, the making of which will be subject to regulatory and Department of Finance approval.
The Tier 1 Securities are:
- £200,000,000 8.5325 per cent. Guaranteed Step-up Callable Perpetual Capital Securities issued by Anglo Irish Asset Finance plc (XS0131475666);
- £250,000,000 7.625 per cent. Tier One Non-Innovative Capital Securities issued by Anglo Irish Asset Finance plc (XS0151811253) (the “TONICS”);
- €600,000,000 Fixed Rate/Variable Rate Guaranteed Non-voting Non-cumulative Perpetual Preferred Securities issued by Anglo Irish Capital UK LP (XS0201790317);
- €600,000,000 Fixed Rate/Floating Rate Guaranteed Non-voting Non-cumulative Perpetual Preferred Securities issued by Anglo Irish Capital UK (2) LP(XS0268814125); and
- £350,000,000 Fixed Rate/Floating Rate Guaranteed Non-voting Non-cumulative Perpetual Preferred Securities issued by Anglo Irish Capital UK (3) LP (XS0292425344).
- €750,000,000 Floating Rate Subordinated Notes issued by the Bank (XS0194937503); and
- £300,000,000 Callable Fixed to Floating Rate Undated Subordinated Notes issued by the Bank (XS0231391623).
Group Company Secretary
Tel: 00 353 1 616 2506
9th July 2009
