Anglo Interim results - loss of €8.2bn, €8.58bn further capitalization needed



EvotingMachine0197

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From the press release :

Net interest income was €352m for the 6 months to 30 June 2010, down 59% compared to the six months ended 31 March 2009. The cost of funding, both for customer deposits and wholesale funding, increased materially during the period.
I read that as the difference between interest received on assets and the interest paid on liabilities is €352M. Is that right ?

I seriously hope these guys know what they are doing ..
 

Dreaded_Estate

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In approving the €8.58bn capital contribution of 30 June 2010, the European Commission also allowed for €1.47bn of additional capital support. The Bank expects that this additional capital will be required in the near term and that further capital support may also be required, the level of which will primarily depend on the discounts applied by NAMA on the full transfer of eligible assets.
Pretty much confirming that €25bn isn't going to be enough
 

Tomas Mor

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We will get worst of all worlds soon- closing it down when its is too late. But of course Brian Lenihan the saint,will be doing the "right thing".
 

HarshBuzz

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<awaits goosebump and tonic to tell us the good news>

'cheapest bank bailout in the world', seems an aeon ago now
 

corelli

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Jesus H Christ. That is the biggest six month loss in Irish financial HISTORY. About 3 billion more than commentators were thinking. They lost circa 4.5 billion in transferring to NAMA so the remainder has to be underperforming loans. Was Quinn's 2+ billion debt written down?
 

Cassandra Syndrome

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Excellent results. What an exemplary business model Anglo is for one to use as a template.

€70 Million Euro a day losses?. If they ever need to do a remake of Brewster's Millions I can advise them a place were the shoot can be done within 4 hours.

Cue fanatical NAMAtrons to demonise us dissenters and illustrate how this is part of the necessary medicine to bring our country into a utopian, halcyon era...

I need a drink, anyone care to join me?
 

captainwillard

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Hopefully, they are presenting a worst possible outcome, at least given current valuations. The problem is Ireland is still highly inflated and asset values will surely erode further.
 

Cassandra Syndrome

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Thats about 15% of GNP for the first 6 months.
 

EvotingMachine0197

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Pretty much confirming that €25bn isn't going to be enough
Their balance sheet was €91 Billion in September 2007.

Including these big three - making up 96% of balance sheet assets.

64.7 Billion in loans and advances to customers
12.5 Billion in assets held for sale
9.9 Billion in loans and advances to banks

Total 87 Billion.

They are going to need 40 Billion.
 

Expatriot

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In my opinion although there is no logical financial or economic reason now not to burn all the bank bond holders at the stake there are some strong political ones.

A U turn on banks at this stage is effectively the end of a few peoples careers. Also control of the failed banks will have to be handed over to those bond holders. I wonder what dirty little secrets they will then fail to keep? I doubt some super Peed off bond holder in NY is that interested in the in and outs of the web that runs Ireland. They will want cash and fast, they will have the lot of them up in the high court looking for the money.

This really is a disaster unfolding before us, what will happen next is an uncontrolled version of what should have happened two years ago.

At least the Greens to some extent are facing reality, unless we do that we are screwed. We must deal with where we are rather than where we wish we were and the interests of the State and everyone in it must come first above every other consideration.

I would suggest recalling the Dail as a first step. This is no time for a news black out.
 

EvotingMachine0197

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Excellent results. What an exemplary business model Anglo is for one to use as a template.
...
2007 AR said:
Corporate Responsibility
We consistently pursue the highest standards of
conduct in managing the business in the interests of
all stakeholders as we believe that this is critical to
our continuing success. Details of our activities and
achievements in this regard are featured later in the
Annual Report.

Sean FitzPatrick
Chairman
27 November 2007
 


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