Board Gais Sale Falls Through

Have we just had crossed into the twilight zone of valuation.
Global stock markets and bonds markets are now way beyond fair value.
Irish stocks are at valuation levels similar to (almost all are well in excess of 2006 valuations)
After a major process that has been going on forever with all types of bidders on Board Gais
The Government decided not to sell Board Gais because …
… the price was too low ?

With the nation swamped in 0% ECB rolling debt (in our banks, sovereign, central bank, NAMA and others), the Irish Government has no impetus to sell anything (in the same way that Irish banks have no desire to foreclose).

Perhaps we should transfer Board Gais into NAMA where all assets are at fairytale yields we have not seen for a decade?

Thank you Draghi - Italian economics here we come!

Much healthier to just levy the money out of private defined contribution pension funds.

there are a lot of beards in BGais that aren’t eager for a trim

Terrifies me now that the Trokia have gone what our ‘bits and bobs’ finance minister will start doing with unlimited amounts of 0% ECB money and almost total control over all assets in the country - could be a great time to grow a beard and join the party ?

Well on the way after Movember.

Most BG staff have been waiting impatiently for tax free Eircom style share windfalls. Relatively low employee numbers mean that it is going to be lucrative.

You can expect Con Scanlon (CWU leader who made something like a million from Eircom shares) levels of resistance.