Anglo & Irish Nationwide ordered by Gov to auction off their

politics.ie/economy/151375-anglo-irish-nationwide-ordered-gov-auction-off-their-good-assets-deposits.html

Some questions spring to mind:

  • how much are they worth? 1%? 2%? I suppose it depends on the average interest cost compared to the interbank funding cost of the purchasing bank?
  • where is the deposit money going to come from? I’m presuming the ICB…

Letter sent by Anglo to all their customers on the 1st December last.
angloirishbank.com/Media-Cen … on_Ltd.pdf

I guess they’re all feeling very re-assured now!!

I presume the crazyly high interest rates on offer are reducing the value of the deposits somewhat.

Good points.
Also:

  • Will Anglo classify this “transfer” as a loss?

The INBS deposits are in a paper based mess format. Whichever bank gets them will have a nightmare doing a system conversion of user data.

INBS still use deposit books with their customers.

Are Anglo and INBS taking new deposits still?

When will they start auctioning off client assets?

Anglo is being used to support a bunch of bankrupt dreamers.

would really have to look at Bradford & Bingley to give us an idea

Deposits could go to a hedge fund:

guardian.co.uk/business/irel … ish-spoils