RSS feedNama
’For Nama’s eyes only
*The name’s Daly. Frank Daly. And I, representing the Irish National Asset Management Agency, will be attending the Second Annual Global Intelligence Forum, to be held in Dungarvan, Ireland on July 11-13,
Quick, to the MRO
Borrowing from the ECB’s emergency overnight facility has dropped from record highs — €15.1bn recently — to a more normal €1.24bn.
From an ECB release on Thursday morning:
Which presumably
European liquidity and Irish handcuffs
Even with Ireland’s Fine Gael party leading in the polls — the market is pricing in a one in three chance of senior bank debt investors taking a haircut.
Why?
European regulators seem firmly against the idea,
Ireland’s (stylised) sovereign-bank loop
How to separate the fortunes of a nation from those of its failed banks has become one of the biggest questions to come out of the recent financial crisis.
And no more so than in Ireland — which has seen its off- and on-balance sheet liabilities rise with almost every added layer of bank bailouts and financial guarantees.
When Spanish bank property losses go Irish
At what point does Spain’s banking crisis look as bad as Ireland’s?
At what point do solutions to that crisis look as bad as Ireland’s?
Around about now:
Out of €439bn of total exposure to property,
An update on NAMA
The National Asset Management Agency update from the Irish government is out and…
Well, we wouldn’t want to deprive you of the gory details so here they are (our emphasis):
The Chairman of the National Asset Management Agency [NAMA],
The €90bn Irish small caps
From the annals of slightly confusing Credit Suisse research headlines (underlining in red is ours):
That’s from a report by analyst Niall O’Connor into the still-unknown costings for recapitalising Ireland’s banks.
Patrick Honohan is an honest guy, redux
Or, honest Irish central bank governor vs. dishonest Irish banks.
Bank of Ireland and Allied Irish Banks shares plummeted on Tuesday:
And we wonder if a speech by Governor Honohan helped cause this.
To rebuild an Irish banking system, part two
We’ve now well and truly progressed to the question not of when but of how much in bailout loans is needed for Ireland, so…
From a note on Friday, we’d point out the estimate of Barclays Capital’s Antonio Garcia Pascual and Pietro Ghezzi (emphasis ours):
To rebuild an Irish banking system, part one
Routing international aid through the Irish sovereign to recapitalise Irish banks — this scenario isn’t if but when; and increasingly it’s no longer when but how, and how much.
And those last two questions (how and how much) are tricky ones to answer.
Stiglitz takes down Nama
Spotted over in the Long Room — Joseph Stiglitz’s 44-page takedown of Ireland’s Nama.
But it’s not for the reasons you might think.
The Nobel-prize winning economist thinks Ireland’s National Asset Management Agency is able — and incentivised — to underpay for bank loans.
‘D Day’ for Anglo Irish
Thursday is ‘D Day’ — D as in debt — for Anglo Irish Bank.
Not only is the Irish government expected to detail the fate of Anglo Irish’s senior and subordinated debt investors, as well as its bail-out cost estimates for the bank — it’s also the first day about €4bn of senior and €1.7bn of Anglo sub-debt will be floating around without a government guarantee.
Ireland’s debt sale — well received, thank you very much
Results of Ireland’s highly watched bond auction are out, and the news is double-edged.
Yes, Ireland did get €1bn of 2018 and €500m of 2014 bonds sold, but the country had to pay handsomely to get the debt away.
The Rock of O’Sisyphus
Have we been missing the Irish forest for the (ahem) Anglo Irish trees?
Uncertainty over how much the Irish government will have to fund Anglo Irish’s liabilities before it’s wound down has stalked the market recently.
Ireland’s exteeeeended banking issues
So much, perhaps, for that scary September of bank refinancing.
Reuters reports that Ireland “signalled” on Wednesday, that it’s seeking to extend its guarantee of Irish bank liabilities, started in response to the late 2008 crisis.
Those increasing Irish haircuts…
Thought 61 per cent was a hefty discount for the second batch of Anglo Irish loans going into Nama?
What about 72 per cent for loans from the Irish Nationwide Building Society?
Out on Monday — complete figures for the National Asset Management Agency’s second tranche of loan transfers.
Bond switching in the eurozone
The 10 year German/Irish bond-yield spread appeared on Monday to be racing back towards the levels last seen in May — before the European Union’s €750bn bailout package for troubled sovereigns was announced.
[Ireland's Bad Bank] Some Anglo Irish candour
Anglo Irish’s CFO Maarten van Eden has been testifying before a parliamentary committee hearing in Dublin on Wednesday.
Among his comments, Bloomberg reports he admitted the bank faced “horrendous” losses on loans it was transferring to the government’s so-called bad bank,
[Ireland's Bad Bank] Operatic structured finance
Like the plot-line of a tragic libretto, Opera Finance CMH ’s good fortune has taken a sudden turn for the worse.
Cue the ballad.
Opera CMH is one of the few commercial mortgage-backed securities (CMBS) deals with significant exposure to Irish real estate — including shopping centres in Dublin.
CDS report: Ship of fools
Ireland has been held up as an example of a country ready to suffer pain in tackling its acute fiscal situation. Austerity – surely one of the most overused words in recent months – was embodied by its 2009 budget,
[Ireland's Bad Bank] The Enig-NAMA variations
An important step, said the IMF. ‘An ingenious mechanism,’ Moody’s opined.
Just as well. Ever since Ireland’s National Asset Management Agency (NAMA) announced large haircuts on the toxic loans that will be transferred to it,
[Ireland's Bad Bank] “Most of the damage in this crisis has been done by just one institution”
The FT’s opinion pages on Thursday disclose a cutting series of comments from Patrick Honohan, governor of the Central Bank of Ireland, regarding the role of one entity in Ireland’s financial crisis.
For as the governor wrote in the newspaper:
CDS report: All on Good Friday
European credit markets were devoid of momentum today as the upcoming Easter holiday and the impending US jobs report on Friday led to inertia. Investors received an inkling of what to expect from the NFP on Friday,
[Ireland's Bad Bank] The morning after…
. . . After Ireland’s new bad bank rolled out swingeing haircuts on Tuesday for the troubled loans Allied Irish Bank and Bank of Ireland want to offload on to it, that is.
And after financial regulators added tough new capital requirements for both banks.
CDS report: When Irish Eyes Are On NAMA
“When Irish Eyes Are Smiling, sure ’tis like a morn in spring.” is the first line of the one of the most famous tribute songs to Ireland. While it is spring now, Irish eyes are not likely smiling as all eyes were on the NAMA and Lenihan announcements.