Anglo posts record loss of €8.2bn in first half
SIMON CARSWELL of Irish Times
BANK’S DEBTS: ANGLO IRISH Bank made an €8.2 billion loss for the first six months of the year after writing off €5.8 billion on loans sold or heading for Nama and €2.5 billion on loans remaining at the bank.
Rents are 29% less than two years ago
It costs an average of €830 per month in college away from home and €421 for those at home.
Over a nine-month college year – it costs an average of €7,470 for a student living away from home and €3,789 for those living at home.
2011 Eurstat will return gross government debt 83% of GDP ie €130
2010 GDP is €160 billion
But NAMA debts and bank bailout excluded
Bank Bailout €50 billion
NAMA Anglo Ist Tranche €9 billion at 55% discount
2nd Tranche €7 billion at 62% discount
AIB
2010 June total loan book €127 billion
Impaired Loans estimated at €20 billion – 50% in NAMA
Impaired plus criticised loans – €42 billion – 33% in NAMA
Equity base €5 billion
If half the criticised loans had to be written off, AIB would be insolvent.
Financial Regulator Matthew Elderfield told AIB in March to raise €7 billion in equity by end of 2010.
Standard and Poor based the downgrade of Ireland on the belief that the cumulative total cost to the government of supporting the banks will be €90 billion rather than the previous estimate of €80 billion. Recapitalisation will cost €45 to €50 billion rather than €30 to €35 billion.
Jim power states that the markets do not believe that the economy is big enough to fund the banking bill and that the bank strategy is credible.
I agree with the markets which is why I have put so much of the bank story on this site.
By Ivan Yates
Thursday, August 26, 2010
Media colleagues had particularly slim pickings over the summer, with meagre hard news. The tragic floods in Pakistan and Ivor Callely’s nefarious expenses have been rare bones to chew on. The big beasts of the political jungle have remained dormant. It wouldn’t be the first time for this tranquillity to be disturbed by an eventful September. We can’t forget the momentous September 2008 when our banking system collapsed.