Cross collateralised... … rt2010.pdf

(H/T Lorcan Roche-Kelly…)

So now we know how big the Jolly Green Jersey PTSB had on. They have been the most forthcoming with the numbers for related parties, and the current table is the most complete yet (including their negligible derivative exposures to the other banks).

I’m not sure what to make of “Loans and receivables to bank” and “Deposits by bank”. Which way round are they? To or from PTSB?

Nothing necessarily strange there. In any country, you’re going to have a degree of cross-collateralisation. It’s not inconceivable that say, Bank of Ireland would go to PTSB to secure short-term commercial paper. The amounts here don’t appear to be particularly egregious in relation to the overall size of assets and liabilities on the balance sheet.

If you’re looking for bodies, I would be more worried about the €26 billion life assurance investment portfolio. Between 2009 and 2010, assets rated at less than Aa went from 1%, to 13%. That would coincide with Ireland being downgraded to A rated status last year. Funny that.

No, no they don’t. It is interesting, though, in that we don’t have the same information presented in the same clear format for the other banks. That PTSB have done this and have included derivative information (where they didn’t last year) and not just net exposure is telling us something about the other banks, I believe. This is a parting shot from a bank that is about to be screwed over in the desperate attempts to save BoI and AIB.