Posts tagged 'Irish bailout'

Because, what’s €47bn between friends…

Via @karlwhelan, here’s Merrill’s ever so slightly off estimate of the cost of Ireland’s bank bailout. Do click through for the full thing:

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Credit where credit is due

It’s bad enough having the most expensive bank bailout around. But not getting official recognition for it? Unbearable!

Luckily for Ireland, there’s a concerted effort underway to right that wrong… (h/t Nama Wine LakeRead more

Irish banks, future losses and awkward timing

Well, it’s an awkward wet morning for this type of thing but sometimes it just can’t be helped. As markets fail to keep smiling upon the announced bailout (now failout, apparently) of Spain’s banks, it might be worth dropping in and taking a quick look at Ireland’s troubled financial sector and its creeping bank rescue.

The ever worthy Nama Wine Lake did some good work and peered at the 2011 financial reports for Ireland’s major banks. The results are troubling. Read more

Your cut-and-paste guide to the Irish elections

Voting booths are open and Ireland’s snap general election is underway on Friday. Here’s a handy table of the parties’ financial policies from Morgan Stanley:

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The €90bn Irish small caps

From the annals of slightly confusing Credit Suisse research headlines (underlining in red is ours):

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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: Read more

Anglo-Irish carry trade ahoy

Presenting a modest proposal of sorts.

It’s been more or less confirmed on Monday that the UK and Sweden will indeed extend bilateral loans to Ireland as part of its international bailout. Read more

More bailouts, more (EFSF) problems

Pricing Irish bailout loans is wonky but interesting.

And indeed, trying to figure out the rates at which the €440bn European Financial Stability Facility will lend to troubled eurozone members has been an FT Alphaville hobby for some time. We’re still waiting for details of the Irish bailout, but it’s expected to be a hodgepodge of EFSF funds and IMF/bilateral loans, plus some from the European Financial Stabilisation Mechanism (EFSM), backed by the EU’s budget. Read more

Irish exposure, charted

Courtesy of BNP Paribas, just who is exposed to Ireland and by how much:

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Public and private in the Ireland bailout

Irish bondholders look safe for now — in the wake of the €80-90bn Irish bailout announced over the weekend. But it might end up being a rather short reprieve.

From David Mackie at JP Morgan: Read more

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): Read more

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. Read more

Who’s bailing out whom?

Facetious title — but here’s an updated list of bank exposure to eurozone peripherals (in this case Ireland, Portugal and Greece) to ponder, as Ireland nears its bailout:

Source: Morgan Stanley’s Huw van Steenis.

When Irish bucks are passing [updated]

Step one:


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A far-sighted statesman

Ireland is no longer on the edge of Europe but is instead an Atlantic bridge. High-tech companies such as Intel, Oracle and Apple have chosen to base their European operations there. I will be asking Google executives today why they set up in Dublin, not London… What has caused this Irish miracle, and how can we in Britain emulate it?

… in a world where cheap, rapid communication means that investment decisions are made on a global basis, capital will go wherever investment is most attractive. Ireland’s business tax rates are only 12.5 per cent, while Britain’s are becoming among the highest in the developed world.

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A collateral conundrum for Irish banks [updated]

Some more on the funding plights of Irish banks, which’ve hoved into view over those bailout non-talks between Ireland and Europe.

We know that Irish banks increasingly need central bank liquidity in order to survive being shut out of funding markets, and we know (from its recent trading statement) that even Bank of Ireland is facing trouble here. Read more

Bailing out Ireland, bailing out banks

Here’s one Irish-bailout-in-the-works story you absolutely should be reading on Monday, courtesy of the Irish Independent:

Finance Minister Brian Lenihan is considering asking for money for Irish banks from the EU emergency fund in a bid to fend off a threatened bailout for the State… Read more