Confirmed - Anglo to Get €1.5 Bn from Irish Taxpayer

finance.gov.ie/viewdoc.asp?DocID=5604

finance.gov.ie/viewdoc.asp?DocID=5609

Seriously how many “everday” individuals are we talking at Anglo? I suspect they are not you typical everyday punter hah haha no…! Anglo is not you “everyday” kinda of bank or is it :open_mouth:

This shouldn’t be happening but it is, the Irish people are being heavily enslaved to bail out a handful of deceitful wreckless psychopaths. Its happening across the globe, funny that… blah blah blah

another 1.5bn flushed down the toilet, and for only 75% of a worthless bank, why not the whole 100%?

As for AIB and BoI:

8% seems a bit cheap for BoI considering it cost them 9.25% to raise Tier 2 capital not so long ago. But then interest rates have come down since then so maybe not?

Why should we even pay for the pleasure of the dogs breakfast these horrific incompetents have left us?

Further T&Cs:

Yeah - was trying to figure that. My simple maths tells me that this has put the shareholders as of Friday evening at 500mn (I would be wrong here) whereas the market cap was sub 250mn. It should have been 85 to 90% minimum

OMG - Have we learned nothing? :open_mouth:

Lenihan and Cowan have caved into te bankers and the CIF here. All they had to do was waith them out till their lips were hanging out for a bevvy and then say “look, we dont like this but…” and put the deal here. Bad deal, badly made, in the worset interests of the taxpayer. And nobody loses a job! XD XD XD

Does it work as a percentage of existing Tier 1 capital, hence 75%? It is in preference to ordinary shareholders, so the value of their holding is irrelevant, but I’m no expert.

Why do people keep making the false distinction between these dudes?

There is no difference between the government, the bankers and the developers and the rest of this stratum of Irish society.

It should be based on number of shares should it not? So how many shares are in circulation and how many shares are the government getting for their 1.5bn?

It would if they were ordinary shares, but they are not, they are preference shares - think callable bonds with voting rights.

What a sweet deal for Anglo. Effectively a five year loan from the taxpayer, albeit at 10% pa. No dilution for SQ et al. Unbelievable.

Yes but they’re getting voting rights with their pref. shares, so they would have been priced in such a way to give the Govt. 75% of the full voting rights.

Wow, voting rights. Well in that case … :unamused:

Man, this is so depressing.

I really don’t want to bring my kids up here. We are getting shafted. What use is Anglo to anyone but the elite?

I was responding to Yogan

Sorry jonny :blush: - just feeling a bit hacked off right now.