Aib

"Trouble With Ireland’s Bank Bill Could Delay Reforms"
http://blogs.wsj.com/source/2010/12/20/trouble-with-irelands-bank-bill-could-delay-reforms/
* December 20, 2010, 3:13 PM GMT

snippet:

This is a further blow to the government’s ability to handle a crisis in a fast and efficient manner. Adding to its troubles: Ireland’s President Mary McAleese will decide whether to refer the bill to the Supreme Court.

Under the constitution, the president has the power to hold a meeting of the Council of State, which includes Prime Minister Brian Cowen, High Court President Nicholas Kearns and Attorney General Paul Gallagher.

The meeting to discuss the bill takes place on Tuesday and, according to a spokeswoman for the president, a decision will be most likely issued by the President late Tuesday or, at the very latest, on Wednesday.

The Department of Finance must wait for that decision, but a statement from the department said it’s “inconceivable” that Mr. Lenihan would make specific directions or asset transfers unless they were supported by the European Central Bank.
 
Well another round of stress tests and another boatload of capital required by AIB (and other Irish banks)

AIB requires €13.3bn,
BOI needs €5.2bn,
EBS €1.5bn and
IL&P €4bn
http://www.financialregulator.ie/pr...iquidityResultsPublishedforBankingSector.aspx

http://noir.bloomberg.com/apps/quote?ticker=ALBK:ID
1,756 million shares
plus

from previous capital raising on 23 December 2010
http://www.finance.gov.ie/viewdoc.asp?DocID=6631

10,489,899,564 convertible non-voting shares

total is about 12.246 billion shares

last traded at 0.189 EUR

market cap (including CNV shares) is about 2.314 billion EUR

yet they need to raise

another €13.3bn
 
From the AIB web site:

http://www.aibgroup.com/servlet/Con...B_Investor_Relations/IR_Homepage&channel=IRCA

http://www.aibgroup.com/servlet/Con...=AIB_Press_Releas&channel=IRCA&position=first

Investor News
AIB Capital Update - 31 March 2011
31st March 2011 17:45

Of the total increased capital requirement of €13.3bn an amount of €1.4bn may be in the form of contingent capital.

The Board of AIB fully appreciates the continued strong support of the Irish Government to the bank and its commitment to ensure that all of the capital required by AIB will be raised. This support reaffirms AIB’s central position in the Irish banking landscape. AIB will continue to work with the State to determine the optimum sequence to generate the committed capital in line with the proposals in the Minister’s speech.

AIB plans to make presentations to analysts and media on 12th April which will incorporate commentary on the bank’s 2010 preliminary results to be announced that day. These presentations will also provide an update on AIB’s strategic review of its business and restructuring plans.
 
Proposed combination with Educational Building Society (EBS)

As announced by the Minister today, it is intended that AIB will be combined with EBS, subject to State aid and any regulatory approvals required. AIB welcomes this proposal and will update the market in due course as details are finalised and developed further.

http://en.wikipedia.org/wiki/EBS_Building_Society
 
List of Irish financial institutions and their fate:

AIB: majority state ownership
IRE: approx. 36% state ownership

Irish Life and Permanent:
so far has escaped state ownership, but now needs 4 billion EUR
http://www.financialregulator.ie/pr...iquidityResultsPublishedforBankingSector.aspx

http://en.wikipedia.org/wiki/Irish_Life_and_Permanent

EBS:
I think this is state owned already
http://en.wikipedia.org/wiki/EBS_Building_Society

Anglo Irish: nationalised January 2009
http://en.wikipedia.org/wiki/Anglo_Irish_Bank
 
Bank of Ireland

http://www.bankofireland.com/about-boi-group/press-room/press-releases/

http://www.bankofireland.com/about-...essment-review-and-capital-requirement/#march

The Bank is working actively, with its advisors, on initiatives with a view to meeting the €4.2 billion equity capital requirement through a combination of capital management initiatives, other capital markets sources, and support from existing shareholders. The Minister for Finance has stated that the Group will be provided with time in order to raise/generate the additional capital requirement from private sources. Any capital that cannot be raised/generated from private sources to meet this capital requirement will be invested by the State. We expect to be in a position to make an announcement on our capital plans in the coming weeks.

We will be releasing our financial results for the twelve months ended 31 December 2010 on 14 April 2011.
 
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