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’[Ireland's Bad Bank] Haircut, sir?
Ireland’s National Asset Management Agency (NAMA) on Tuesday announced the haircuts it will impose on toxic loans submitted to it by Irish banks, including Allied Irish Bank and Bank of Ireland.
Too large a haircut would leave either bank with a capital-raising dilemma,
Mind the debt funding gap, banks
European banks and troubled commercial real estate: it’s not over until it’s over. And as a report from DTZ, the London-based property broker, argued on Monday — it’s really not over at all.
Indeed,
[Ireland's Bad Bank] Allied Irish Apocalypse
And to think NAMA was meant to restore confidence in Ireland’s banking system. Not in the short term, perhaps.
Allied Irish Bank executives must have had a fun weekend, having apparently exhorted the government not to raise haircuts on the loans they want to send to its bad bank — enough to leave AIB requiring government recapitalisation.
AIB lifts bad loans by €1bn
Bad loans at Allied Irish Banks this year will be €1bn ($1.5bn) more than previously estimated, it announced on Wednesday, although the lender said most of these bad loans were in a portfolio that is likely to be bought by the country’s “bad bank”,
[Ireland's Bad Bank] NAMA, SPVs and other Irish magic
Given that Fitch has just downgraded Ireland’s sovereign rating from AA+ to AA-, we thought you might be interested in a bit of Irish analysis. The below is an FT Alphaville round-up of the latest developments regarding Ireland’s bad banks plan — the so-called National Asset Management Agency,
Nama to take on Irish bank debts
The Irish state will pay €54bn ($79bn) to take over bank debt worth €77bn to cleanse the sector’s toxic assets, Brian Lenihan, the finance minister, said on Wednesday as he opened the second reading on the bill establishing the National Asset Management Agency.
Irish banks fear property loan writedowns
An Irish court decision to appoint a liquidator to one of Ireland’s leading developers has raised concerns that the country’s banks could be hit by deeper property loan writedowns. Bankers expressed
[Ireland's Bad Bank] AIB: the stress-test arms race?
AIB statement, emphasis FT Alphaville’s:
On 12 February Allied Irish Banks p.l.c. (“AIB”) [NYSE: AIB] announced an agreement with the Irish Government in relation to the proposed recapitalisation of the bank.
[Ireland's Bad Bank] Nationalise all banks…
Well, the Irish ones at least. And before you ask, this is not the view of some raving Bolsheviks but 20 of Ireland’s top economists.
In a letter published in the Irish Times on Friday they argue that proposals to buy €80-90bn of property related loans from the country’s main financial institutions are wrongheaded and will not clean up the Irish banking sector.