Top Bank of Scotland (Ireland) executive leaves position

‘indicating a desire’ isn’t all that sinister. Investors in RMBS want to know when they get their money back. The early call date is when they would reasonably expect to get it back (they expect the issuer to honour this). The investors don’t have the right to exercise these calls. If they had, then a true risk transfer hasn’t taken place. The issuer doesn’t have to exercise these options. Recently, a number of transactions have not exercised these options.

I don’t have access to Wolfhound’s offering circular, but in all likelihood it’s still on their books and repo’d with the ECB. So losses will remain at BOSI.

There’s a prospectus at the ISE, but it’s print only by request of the issuer. It can be received in print for free by anyone turning up to the ISE offices.

Given that it was previously the case that all these things were available electronically, does that mean the terms are becoming more investor friendly in a way that makes companies want to make it difficult to see this? If only there were some investigative economic journalists who wanted to track how difficult conditions have become for Irish packaged debt…

I take your other points and thank you for the responses!

Well, it looks clear at this stage that Halifax/Bank of Scotland Ireland is up for sale. The question is; who would buy it?

AIB/BOI/PTSB: Considering they’re barely still alive, I can hardly see them having the capital.

NIB/Danske: They’re having enough trouble digesting the existing bad debt of NIB.

Santander/HSBC: They have the cash, but I doubt they’d be interested in such a piddling organisation.

Good report in the Tribune today outlining that US equity group Blackstone had been in line to take over BOSI but pulled out at the last minute.

So presumably it is back on the chopping block.