The Irish Nationwide thread


#361

Some good news. 80% debt restructuring on INBS notes:
ifre.com/restructuring-irish … 13.article


#362

More from RTE: rte.ie/news/2011/0301/irishn … iness.html


#363

Got 5 letters from Irish Nationwide this morning - addressed to me, the kids, the cat, etc. - telling us our Share accounts had been transfered to permanent tsb. They apologised they were unable to give advance notice…

They made sure to tell us

Alas - bye bye the dreams of a handy little number!
Must head on over to se what Brendan Burgess has to say… :smiley: :smiley:


#364

Irish Nationwide staff facing redundancy after ILP transfer, Anglo employees safe (for now) - Paul Clarke -> news.efinancialcareers.ie/newsan … emId-31249


#365

I’m told that INBS staff are been given 7 1/4 weeks per year of service. :unamused:


#366

NWL: Why is INBS now proposing to pay €34m to subordinated bondholders?

namawinelake.wordpress.com/2011/ … ndholders/


#367

Irish Nationwide gets near 100% response to bonds buyback offer -> irishtimes.com/newspaper/fin … 85790.html


#368

#369

https://media.tcm.ie/media/images/m/MichaelFingletonIrishNationwide.jpg

The Fingleton files - Richard Curran -> sbpost.ie/news/the-fingleton … 55085.html

Financial Regulator gets damning reports on Irish Nationwide -> irishexaminer.com/breakingne … 97056.html

Corporate regulator may not examine Nationwide - Simon Carswell -> irishtimes.com/newspaper/fin … 61647.html

Spotlight on society’s secrets -> sbpost.ie/news/ireland/spotl … 55059.html


#370

Tánaiste wants Irish Nationwide report published - Richard Curran -> sbpost.ie/news/ireland/tanai … 55216.html


#371

Nationwide gets €120m boost - Laura Noonan -> independent.ie/business/iris … 92511.html


#372

Why is this scandal not headline news?

To summarise

(1) INBS had €146m of unguaranteed subordinated debt.
(2) The debt was redeemable between 2016-2018
(3) INBS made an offer to buy back the debt at 20c in the euro
(4) INBS paid over some €29m on Friday 25th March for the bonds
(5) INBS is a zombie and without €5.4bn from the taxpayer would not exist

If INBS had not spent €29m of our money last Friday then in all likelihood INBS would have been wound down by 2016 when the first bonds fell due. Because the bonds were not guaranteed and were subordinate, they would have received 0c in the euro.

INBS, which we 100% own, spent €29m of our money two days ago. Unless I am missing something it was a complete and utter waste.

irishnationwide.ie/IrishNati … 30311.html


#373

Not for the bondholders. :nin


#374

Yeah, kind of tired pointing this out too. The same was true for Anglo, BoI and AIB. Subordinate bondholders, who are not being paid coupon, have gotten the deal of the century.

What might be different in this case is that the 20% amounts to less than the effective coupon that would be paid over the wind-down period? As I understand it, only undated subordinate debt is barred from coupon payment, so the coupon on this would be paid over?


#375

Hi Yogan,

Although I haven’t seen the INBS restructuring plan submitted at the end of Jan 2011, the noises from government suggest that INBS will be wound down in 2011 alongside Anglo.


#376

Well, while it may be wound down, the ‘stuff’ of it probably won’t disappear. The legacy stuff will be transferred somewhere, I’m assuming both assets and debts. I suspect the medium term funding from the ECB will be used for this wind-down vehicle. No?


#377

The INBS branch closures are set to begin on April 14th and end on May 17th.

irishnationwide.ie/IrishNati … edule.html


#378

Nationwide reveals 2010 results won’t be published until mid-May - Laura Noonan -> independent.ie/business/iris … 35328.html


#379

Normal 'checks and balances’absent - Simon Carswell -> irishtimes.com/newspaper/ire … 67486.html

The regulator knew, the regulator did nothing. This is always the way. And people think more regulation will stop future booms and busts?


#380

irishtimes.com/newspaper/fin … 23216.html