Irish fury as EU nationalises Bank of Ireland
The European Union is to announce the effective nationalisation of Bank of Ireland within the next 48 hours after a weekend of crisis meetings between finance ministers and angry public demonstrations across Europe.
Despite strong representations from the Irish government that Bank of Ireland was secure, the EU-brokered €85bn (£72bn) bail-out is likely to demand that billions more euros of capital are injected into the bank to take its key Tier 1 ratio up to 12pc, higher than the demands of the Basel process.
Sources said that the move will take the Irish government’s stake in the bank from 36pc to an effective majority stake and dilute all other shareholdings. “It is nationalisation by any other name,” the source said
telegraph.co.uk/finance/newsbysector/banksandfinance/8165146/Irish-fury-as-EU-nationalises-Bank-of-Ireland.html
fungus
November 28, 2010, 7:52am
42
Info: AIB to fall under full state control. IMF wants BOI nationalised.
independent.ie/business/iris … 39301.html
Bye bye listed BOI ?
fungus
November 28, 2010, 9:11am
43
The Sunday Business Post also says that AIB might be delisted depending on the article you read.
So AIB might be 100% nationalised after all.
grumpy
November 28, 2010, 9:21am
44
Why are we fighting over this? Everyone thinks they are borked. Certainly not lending much anyway.
I don’t think we are fighting, as such.
Delisting and 100% nationalisation makes it easier, IMO, to bork the subordinate bondholders and to restructure or sell to another bank. The attempt to keep a notional listing seemed ideological to me, a continuation of that strategy would be an attempt to continue down the road of theoretical unreality.
Pill
November 28, 2010, 11:14am
46
5, 6.7% - well we’ll know soon enough.