Ormond Quay Funding .

Ormond Quay in Dublin is a traffic choked row of ex shops now populated by ambulance chasing lawyers and insurance ‘related’ services other than the selling thereof and providing a name for [ expertise*No Foal related * (https://www.oqps.ie/) .

Strange that a German Bank names a special purpose vehicle after this grubby place…or is it ?? They could have picked Avoca or Glendalough or even Banagher.

Banagher Leverages Assets Globally has a ring to it after all. But no!. They picked grotty shitty nondescript traffic choked Ormond Quay instead.

The German Banking Regulator, BAFIN has now taken a considerable interest in it. I am sure that our Financial Regulator has also kept a close eye on it because thats their job after all. Our Financial Regulator is every bit as good as any oul Bundesbank or Bafin let me tell yiz all.

now see this pen picture from the past.

financedublin.com/conference … 2/biog.php

He may not be there any more but this was 3 years back and thats what he then did. Now see this about this SLBE lot who own and run Ormond Quay Funding.

sachsenlb.ie/EN/Products/Por … index.html


The bloody CHEEK of them!!

standardandpoors.co.jp/spf/p … aySNAP.pdf

A lot of talk going on about commercial paper market for ABS funds. I don’t know much about it but I just got this in:

I haven’t heard any LEH rumours. Anyone?

2Pack! a brillant piece of detective work. 2Pack wrote

So also says our man in the EU last February

Lehman have very large sub-prime origination platforms. Had been their star perfomer for a number of years
Lend in Ireland through IIB, although I suspect that the volumes are very low.

These guys are funding a long term asset book with short term borrowing. The assets are falling in value, the credtit crunch means funding is much more expensive, they’re getting hit on both sides. The (second hand) word from inside Sachsen is that it’s not pretty.

My 666th post… :smiling_imp:

The central banks and IFSRA’s silence on the current course of events is commendable.

Here we go…

ft.com/cms/s/67b09a1c-4d0b-1 … fd2ac.html

ft.com/cms/s/0/9f281dac-4eb5 … fd2ac.html

Its not every day that a €17bn blowup happens in Dublin is it but Ormond Quay is not insolvent to the tune of €17bn .

OH PLEASE, this is an unregulated, institutional commercial paper programme. Why should IFSFA care? This could be in Cayman or anywhere. The Canadian’s are having it far worse have to organise an industry bail out. Stop trying to find conspiracies everywhere. This place is getting like the financial x-files.

BTW I have intimate knowledge of this one having looking at all the Sachsen docs. in the past 2 years.

SachsenLB Has EU3 Billion in Subprime Investments - Bloomberg

bloomberg.com/apps/news?pid= … refer=home

Apparently this Ormond Quay thing is the only reason Sachsen are in Dublin. Any idea on how big an operation they had here, people-wise?

AFAIK no real persence in Dublin bar some sub-contracted back office and the like.

The Irish Times is full of rubbish today. Ormond Quay is not an “unregulated fund”, it is not even a fund. It is a bank sponsored, institutional commercial paper programme. One of hundreds, if not thousands, around the world suffering from the credit squeeze.

Lots of questions could be asked of Sachens risk appetite and sign off but you need to move away from there being something untoward going on with it.

I despair and the new tabloid quality of the IT report.

I suppose that with $550 Bn of this kind of stuff needing to be refinanced in the next 90 days then Ormond Quay is neither here nor there .

bloomberg.com/apps/news?pid= … 7BZw9X19P8

Cheeky Offer wrote

The ordinary Business People in this State have been the most spied upon section in the Western World over the past five years, as a result of monitoring apparatii imposed by the IFSFA. E.g. Money Laundering; small businesses with turnover greater than c. €1.3Mn subject to Auditing Guidelines similar to British Airways etc

Why is it that a business that can blow us and the western world all asunder can go unregulated? See my post in another thread thepropertypin.com/forum/viewtop … 3923#23923

the bank is not “unregulated”. Sachsen are far more regulated than you or I and have spend hundreds of thousands in legal fees on establishing and running Ormond Quay. Even if the CP programme was regulated it would not have affecting the outcome. Sachsen have a committment to Ormond and the reg cap rules would reflect that.

Not regulation can protect against a bad investment, or a credit crunch. The financial markets always find a weakness.


So it employs nobody directly and subcontracts out some bits n pieces.

Last year ( sez the times) it made €8m profit and paid €250 in tax.

Good riddance to it and watch our net external debt shrink by 1% overnight :exclamation:

Cheeky Offer wrote

There isn’t a mature Regularity Authority in existence that would allow a stand alone financial company to lend long and fund it by short term borrowings. This is the epitome of carelessness for any Banker that claims a semblance of respectability.

If such funds come under the German Authorities (the accepted guardians of the ECB), than we are in a worse financial mess than I originally imagined.

That is generally how 80% of the global finance industry operates (and is one of the future cornerstones for our knowledge driven economy - lawyers, accounts, regulators, tax advisor etc. etc.)

I am signing off for a while. You guys won’t be happy until every multinational has left, polish plumbers are working for 50p an hour, the financial services industry is on its knees and you can pick a house up for a half eaten mars bar, a packet of crisps and two butter vouchers.