nik.sala
Money Never Sleeps
interessante articolo su irlanda e titoli subordinati e lt2 anglo irish ....
DA LEGGERE
Credit unions suffering from floating rate uncertainty: ThePost.ie
prendo qualche passaggio interessante
Government guarantees
The government’s bank liability guarantee, introduced by finance minister Brian Lenihan last October, covers all the deposits, senior debt and dated subordinated debt of the six banks in the scheme. Other subordinated debt - Upper Tier 2 and Tier 1 - is not covered.
So, FRNs maturing before September 29,20 10 are as safe as government debt itself. The duration of the guarantee has recently been extended to cover certain new issues of senior debt with longer maturities.
Nationalisation may be bad news
This is why LT2 FRN prices in Ireland and elsewhere have continued to suffer. In an outright nationalisation (or even a de facto takeover via a majority shareholding),t here is a perceived risk that the government ‘moves the goal posts’ with radical legislation which allows them to inflict losses throughout the capital structure.
Britain has done just that with the introduction of the Banking Act 2009,al though those powers have yet to be used.
What about Anglo?
Anglo was nationalised without any legal provision to inflict losses on subordinated debt holders. In fact, on January 15,Lenihan said: ‘‘Creditors (including bondholders) of Anglo Irish Bank can be assured that it will continue to service its obligations and will repay its debts at maturity.”
This suggests a higher level of protection commitment than provided under the general guarantee scheme.
Moreover, if the assessor appointed to determine the final value of Anglo equity decides to award any compensation, however small, to shareholders, then it would be almost impossible for the government to later allow a default on Tier 2 bonds.
ci sono spiragli di luce, ma anche ombre....
p.s grazie nicksolo che da quanto ho capito non siamo vicini....
poi di filiali del banco nei miei dintorni non ce ne sono, ho anche guardato sul loro sito...
guarda che il gruppo è in tutta italia.
impossibile non ce ne sia una vicina
![Sono confuso :-? :-?](/images/smilies/icon_confused.gif)