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http://www.nprf.ie/Publications/2010/NPRFRecievesAIBOrdinaryShares.pdf13 May 2010 - The National Pensions Reserve Fund (NPRF) today received 198,089,847 Allied Irish Banks (AIB) ordinary shares in lieu of cash, as payment of the first dividend on its preference share investment in the bank. The NPRF now holds 18.6% of the ordinary shares of AIB in issue.
And those shares were valued at E1.44, now 0.60cAnd the good news for future pensioners..
By buying our Government debt, they would do ok..The NPRF is a hedge fund run by a bunch of clowns. Their new mandate is to produce returns of 6-7% per annum now to match our cost of funds.
The NPRF will suffer massive losses over the next few years as it increases risk in search of yield.
Bank of Ireland considers opening bond-trading desk - Irish, Business - Independent.ieBANK of Ireland (BoI) is considering opening a bond-trading desk that would act as a primary dealer for government bond auctions.
The move would end Davy's status as the only Irish member of the 16-strong group of primary dealers for government debt.
It is understood that the bond desk would sit in BoI's treasury division, though sources stressed that no decision has been taken to open the desk.
BoI could make a decision on the bond desk within "months or years", one source said, adding that establishing the function wasn't a priority.
Setting up a trading desk would give BoI a fresh income stream against a backdrop of forced retrenchment at the hands of the European Commission.
The NPRF will do okay if they invest on our own bonds if they were to receive 100c on the euro when the bonds mature. Foolish assumption in my view. No chance the Germans will put up with all this nonesense for the next decade.By buying our Government debt, they would do ok..
Could this be why BOI is becoming a primary dealer?
Bank of Ireland considers opening bond-trading desk - Irish, Business - Independent.ie
It's a gift that keeps on giving!Bank of Ireland taking a hammering as well. Down 6% to 59c.
http://www.nprf.ie/Publications/2010/NPRF250mBOIShares.pdf22 February 2010 - The National Pensions Reserve Fund (NPRF) today received
250.4 million of Bank of Ireland ordinary shares, in lieu of cash, as payment of the
first dividend on its preference share investment.
On 30 March 2009 the Minister for Finance directed the NPRF Commission to invest
3.5 billion in preference shares issued by Bank of Ireland for the purposes of
recapitalisation. The preference shares bear an annual non-cumulative fixed dividend
of 8% payable in cash or ordinary shares in lieu.
The European Commission has requested that discretionary coupon payments on Tier
1 and Upper Tier 2 capital instruments in Bank of Ireland not be paid while it
considers the banks restructuring plan. As a consequence, Bank of Ireland has today
paid the first dividend on the preference share investment in the form of ordinary
shares. It issued and allotted to the Fund 184,394,378 of its ordinary shares
representing the amount of the 2010 preference share dividend divided by the average
share price in the 30 trading days prior to and including 19 February 2010. The Fund
now holds 15.7% of the ordinary stock of Bank of Ireland in issue
But how can this happen, they are a bank who sold their prize asset in an emerging market, so as to continue trading in a corrupt banana republic.
I wonder was it also the possibility that it will fall hopelessly short of Capital requirements.But how can this happen, they are a bank who sold their prize asset in an emerging market, so as to continue trading in a corrupt banana republic.
What could have spooked the markets?
The other AIB: Anglo Irish. Too much uncertainty over the eventual cost, too much uncertainty over whether the economy can recover when so much money will be taken from circulation by Government cutbacks and a fear that we won't be able to meet our obligations to repay debt or raise further cash at sustainable interest rates (currently 6% +).But how can this happen, they are a bank who sold their prize asset in an emerging market, so as to continue trading in a corrupt banana republic.
What could have spooked the markets?