Irish Life & Permanent not selling loans to Nama

[provost]

irishtimes.com/newspaper/bre … king12.htm

Last Updated: Wednesday, August 26, 2009, 07:22
Irish Life not selling loans to Nama

Irish Life & Permanent won’t be selling any loans to the Government’s so-called bad bank, the National Asset Management Agency (Nama), chief financial officer David McCarthy said this morning.

“We’ve gone through the portfolio and we don’t have development loans and don’t think we have any assets that are capable of going into NAMA,” McCarthy said in an interview.

Irish Life & Permanent reported a worse-than expected first-half operating loss this morning as jobless borrowers struggle to repay mortgages but said it expected arrears to peak towards the end of the year.

[intruder]

At least we have one bank with smart management, where people can feel safe for their money.

[2Pack]

Their risk is on their c €25bn-30bn mortgage book and that is not inconsiderable .

[DSE3Br]

NAMA 1.0 that is, their mortgage book will be in rare health when NAMA 1.1 comes round to buy those assets.

[What_Goes_Up]

This sounds strangely familiar.

I think we’ve been here before:

shane-ross.ie/archives/409/i … et-denial/

Ice Cold On Planet Denial
Published November 17th, 2008 in Other Issues

BRIAN Goggin came out to play on RTE radio’s Morning Ireland programme last Thursday. The Bank of Ireland boss had been in the deep freeze for weeks. A guy buried in the deep freeze could convince himself of anything. And Brian did precisely that. He told RTE’s Christopher McKevitt that all is fundamentally fine at his bank. In Brian Goggin’s world everybody else is out of step. The US, the UK and Europe are out of step with Ireland. The stock market has got it wrong. Seen from the deep freeze, the Bank of Ireland does not need new capital. Poor Brian was in denial. So are his colleagues in Anglo Irish Bank, AIB and Irish Life and Permanent. The old cartel is flourishing, cohabiting on Planet Denial. Planet Denial is a cold place; but there must be plenty of the happy, happy stuff out there. On Planet Denial the entrenched aliens are paid millions while their detached shareholders lose 90 per cent of their money.

…(cont’d)

irishtimes.com/newspaper/fin … 13298.html

AIB chief says bank does not need extra capital
Wednesday, December 17, 2008
SIMON CARSWELL, Finance Correspondent

THE HEAD of AIB’s operations in the State, a director of the bank, has said it may not need to raise additional capital, saying that banks were being banded together as if they were all the same.

Speaking at the Oireachtas Committee on Finance and the Public Service, Donal Forde, managing director of AIB, said: “We are not all the same. AIB has made it clear we don’t feel we need capital.”

He said additional capital would not improve the flow of credit to business and that there was “no constraint” on his business due to any capital issues.

…(cont’d)

archives.tcm.ie/businesspost/200 … y42115.asp

Breaking the bank
Sunday, May 31, 2009 - By Richard Curran

‘We will continue to generate robust core profits annually over the next three years, which will provide the capacity to absorb anticipated increased lending impairments.” So said David Drumm, then chief executive of Anglo Irish Bank, when announcing details of the group’s financial performance last December.

Last week, just under six months later, the bank reported a loss of more than €4 billion and the government agreed to give it a capital injection of €4 billion in order to keep it within regulatory requirements.

The figures reported last week covered the six months from October to March, so Drumm’s comments fell right in the middle of that financial trading period. The picture it presented is so bleak, that it calls into question the basis on which Drumm and his board could have stood over the comments made about the bank’s financial position.

On that day, Drumm said the bank had set aside €500 million to cover loan impairment charges. The figure is now likely to be between €7.5 billion and €11 billion, according to the bank.

…(cont’d)