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UK gov wants to 'swap' Ulsterbank for Nama's UK assets


seabhcan

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BBC News - Ulster Bank: Treasury looks at Irish takeover possibility

The UK gov is exploring the idea of giving Ulster Bank to the Irish state in exchange for Nama's UK based assets.

Mr Peston said that one idea raised is to "transfer Ulster Bank into the arms and ownership of the Irish government", by swapping all or part of the bank for the British loans and investments currently owned by Ireland's "bad bank", the National Asset Management Agency (Nama).

Nama manages problem debts on behalf of the Irish government.

Northern Ireland finance minister Sammy Wilson said that Ulster Bank needed to be "divided up into a good bank and a bad bank".

However, he said there were "other options" apart from an Irish government takeover and that he wished to discuss these with the Treasury and the Northern Ireland enterprise minister Arlene Foster on Tuesday.

"Whether or not letting the Irish government take it over is the correct way of dividing the bank up is another matter," he added.
Seems like a bad deal on the face of it.
 

Sync

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Seems like a bad deal on the face of it.
Explain how it's a bad deal on the face of it? Have you seen the deal? Isn't the calculation of the value of Ulster Bank vs the value of NAMA assets we swap for it the deal? If we get Ulster bank with say €1 billion in total assets in exchange for €500 million of NAMA assets then is that a bad deal?
 

Eire1976

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Tell them to throw in the six counties and they got themselves a deal.
If tens of thousands of loyalists have mortgages with UB, when the Irish Government takes over will they pay?
 

Happytolearn

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How does Ulster Bank rate in the 'we're fooked' scale? Are its balance sheets more or less healthy than those of AIB, BOI and the others?
 

Rural

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How does Ulster Bank rate in the 'we're fooked' scale? Are its balance sheets more or less healthy than those of AIB, BOI and the others?
Their computer system wasn't exactly up-to-scratch last year.
 

aiteal

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How does Ulster Bank rate in the 'we're fooked' scale? Are its balance sheets more or less healthy than those of AIB, BOI and the others?
Ulster Bank is the worst performing piece of the the UK's worst performing, now nationalised bank.
 

Happytolearn

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Ulster Bank is the worst performing piece of the the UK's worst performing, now nationalised bank.
Last I heard - they'd received 9 billion from the English Tax payers. I wonder what the deal would mean for Irish UB mortgage holders?
 

ShoutingIsLeadership

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Still talking about rotten banks, in 2013.

At least credit is now flowing :roll:
 

gijoe

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Run a f.ucking mile........Ulsterbank engaged in a lot of the reckless lending including Sean Dunne's Ballsbridge Towers.
 

TARZAN

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What does Willie Frazer's new ANTI POLITICS PARTY make of this suggestion to sell off a part of Ulster to the Irish government?:lol:
 

firefly123

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If tens of thousands of loyalists have mortgages with UB, when the Irish Government takes over will they pay?
If we can't get them out we'll debt them out!
 

gijoe

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Try to throw in a mention of "Ulster banks" into the document.
Easily done with a carefully placed comma.........."Ulster, bank"..........Irish Army Crossley Tender then pulls up in front of Stormont with a rope around the Carson monument.........
 

firefly123

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Easily done with a carefully placed comma.........."Ulster, bank"..........Irish Army Crossley Tender then pulls up in front of Stormont with a rope around the Carson monument.........
Takes Ulster, banks and leaves as it were?
 

aiteal

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Last I heard - they'd received 9 billion from the English Tax payers. I wonder what the deal would mean for Irish UB mortgage holders?
Yeah, they almost cost as much to subsidise as NI did last year.
I have my mortgage with them. Essentially the westminster lot are going for the old good bank/bad bank split, so their friends can walk off with the good bits and the taxpayer is left with the guff.

Beware of English bearing banks imho.
 
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