BoI the one to monitor


#901

The downsizing of BoI continues …

Bank of Ireland seeks reduction in private banking jobs


#902

rte.ie/news/2013/1004/478357 … -mortgage/

Bank of Ireland lowers split mortgage interest rate


#903

Bank of Ireland Would Have Made Loss on Unit Sale, Irish Told EU
Oct. 11 (Bloomberg) – Bank of Ireland would have booked a loss on a sale of its New Ireland life assurance business and reduced its core Tier 1 capital, Irish authorities told the European Commission as it successfully argued for the country’s largest lender to keep the unit.

  • EU publishes document on its website on changes to Bank of
    Ireland’s restructuring plan, which were originally
    announced on July 9
  • Says Irish authorities argued that “adverse conditions of
    Irish insurance market” meant life business couldn’t be
    sold “within a forseeable time horizon except at a severe
    discount to net book value,” which was ~EU800m-EU900m on
    Dec. 31, 2012
  • Commission says selling unit would have undermined Bank of
    Ireland’s ability to return to profit in short term
  • NOTE: On July 9, Bank of Ireland Wins EU Battle to Keep $1
    Billion Life Unit
  • NOTE: On Aug. 2, Bank of Ireland Says Close to Profit as
    Loan Losses Decline

#904

been keeping an eye on BOI as due to the gambling streak in me my I own a few shares.

It’s a bit suprising that the current market cap of BOI is just over 7bn which is does seems high compared to it peak valuation at a bit over 15bn

As a geared play on Irish property I would expect it to be lower. I guess this ignores captial raising etc. In any case I think I won’t be a shareholder for that much longer


#905

Government to delay decision on €1.8bn Bank of Ireland shares -> irishexaminer.com/business/g … 46717.html

State ‘undervalued’ BoI’s CoCo bonds -> independent.ie/business/iris … 22708.html

BoI ‘should raise €300m’ as a buffer -> irishexaminer.com/business/b … 47180.html

Bank of Ireland Reaches Accord to Narrow Pension Deficit -> bloomberg.com/news/2013-10-2 … looms.html


#906

How the hell is BOI able to offer a continuation of DB pensions to its workers?Has someone in senior management missed the last 6 years where BOI helped bankrupt both itself and the State?


#907

Boi is not a well run company IMO. Db pension schemes, making people redundant and taking them back on immediately as contractors etc.

Best thing boi had going for it is that the competition in Ireland were even more badly run.

It is a private company (mostly) so can’t argue too much. Plus at least an effort is being made to prefund unlike the state system where it’s pay as you go. Future pension benefits payable will be lower too.

Db pension schemes are mostly busted and likely to go the way of Japanese schemes in years to come, pensions in payment being cut as benefits will be chipped away.


#908

As a shareholder in BOI I am more than a bit pissed off that these clowns get to keep a rolls royce DB scheme despite BKIR trading at 0.26c a share (overlooking completely the damage they did to the Country)


#909

My comment was from a taxpayer’s perspective but as a shareholder I think caveat emptor applies. I am a shareholder too but I have Low expectations


#910

Kennedy Wilson offloads its stake in Bank of Ireland at a massive profit -> independent.ie/business/iris … 40955.html


#911

Perhaps, Kennedy Wilson are getting out of BoI long before the ECB stress tests begin.


#912

That would probably be a smart move


#913

They must of read my post about selling :wink:

There’s an old market adage along the lines no one ever went broke taking a profit.

I think the fact that liquidity has spiked in the last few months for bank shares(bkir) gave them the opportunity to get out, sell when the sky is blue and all that


#914

This is the Indo trying to work a Bloomberg report, so take it with a pinch of salt.


#915

Hmmmm …

rte.ie/news/business/2013/1202/490364-bank-of-ireland/


#916

Easy done :sick:.


#917

All the banks are now beginning to offer “split” mortgages which carry very high capital provisions. Would this explain this?


#918

Hazarding a guess, i would say ‘partly’.


#919

Ian Guider says that Citi have told investors to sell all their BoI shares. Citi are concerned about BoI’s capital ratios.


#920

I wonder did the CB point out that the reason for a good chunk of the capital raising was to work through bad debts on the balance sheet and that since this hasn’t yet been done…