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 Post subject: Re: The AIB thread
PostPosted: Mon Jun 12, 2017 10:52 pm 
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Too Big to Fail

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Boston wrote:
Minimum €10k to purchase at the planned IPO.

Good investment yes or no?

f they wanted to protect/keep ordinary punters out then they would have raised the threshold to the official Central Bank level for a professional investor which is 125K.

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 Post subject: Re: The AIB thread
PostPosted: Mon Jun 12, 2017 10:57 pm 
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Of Systemic Importance

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Posts: 5197
It's interesting to compare AIB with BOI. AIB is the state run enterprise, BOI is the bank that has been essentially under private equity control via Wilbur Ross, Fairfax, and Fidelity. You'd naturally assume the American money men would know what they're doing, but the truth is surprising. The government run AIB actually generates a better return on less leverage than BOI. When you consider that AIB was in worse state than BOI to after the crash, the transformation looks to be quite impressive.

I think as a long term buy and hold, it will actually do well. Just keep an eye out for when we get the next crash...


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 Post subject: Re: The AIB thread
PostPosted: Mon Jun 12, 2017 11:16 pm 
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Posts: 7098
Quote:
Deloitte took over from KPMG as Ulster Bank’s auditors for the 2000 financial year, remaining in the role after the crash, which resulted in a £15 billion bailout by RBS of its Irish subsidiary.
The firm is currently auditors to AIB, having taken over the role from KPMG for the 2013 financial year.
Rival PwC audits both Bank of Ireland, a role it has held since before the crash, and Permanent TSB, which it took on for the 2013 financial year.
KPMG is the only one of the so-called Big Four accounting firms that does not currently audit one of Ireland’s main retail banks. At the time of the crash, it was auditors to AIB, Irish Life & Permanent, Irish Nationwide Building Society, and Postbank (a joint venture between An Post and BNP Paribas).


Trust the auditors? You decide.

http://www.irishtimes.com/business/fina ... -1.2606755

CARB reckoned the banks audits were all kosher...

Quote:
You will have noted that CARB has published the Bank Review report this morning.

This review was a significant undertaking into the audits of the seven covered banks by three audit firms. The scope of the work included a detailed review of the audit processes and procedures into the provisions for loan impairments for 2008 and 2009.

The Review was undertaken on an independent basis by CARB. The Review was headed up by independent expert David Spence CA, who has widespread experience of international investigations and reporting in the area of audit.

The complexity and the scope of the review, combined with the individual oversight of each review by independent expert, David Spence as well as the entitlement of our members to due process has meant that this Review has required significant resources, both in terms of time and money.

CARB has issued a release to coincide with the publication of the report and all questions with regard to the report will be handled by CARB, in its capacity as independent regulator and the body responsible for conducting the review and completing the report.

From a Chartered Accountants Ireland perspective, we note and accept the overall satisfactory findings of the Bank Review Report.


No shit :D

https://www.charteredaccountants.ie/New ... iew-Report

Remember reading https://www.amazon.com/Diary-Very-Bad-Y ... 0061965308

Interesting read. Comment in it that banks can make whatever profit they wish. Not untrue. Reminded of this reading the prospectus and the quarterly YOY comparison. Rather nice uplift in interest margin in Mar 17.

Not saying it's a bad investment. Just watch the capacity for shenanigans.

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 Post subject: Re: The AIB thread
PostPosted: Mon Jun 12, 2017 11:41 pm 
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Quote:
During recent years, AIB has been focused on restructuring its loan portfolio through the implementation
of sustainable solutions for customers in difficulty. AIB’s plan to reduce impaired loans includes
restructuring as well as sales and redemptions, cures, portfolio sales and other strategic initiatives. As at
31 March 2017, AIB had A17.8 billion in criticised loans on its balance sheet, representing 27 per cent. of
total loans, compared to A34.0 billion, representing 45 per cent. of total loans, as at 31 December 2014.
Balance sheet provisions have decreased from A12.4 billion as at 31 December 2014 to A4.5 billion
(including provisions on loans held for sale) as at 31 March 2017 due to the utilisation of provisions as part
of sustainable restructure solutions for customers in difficulty combined with improved economic
conditions in Ireland and the United Kingdom.
AIB recognised net credit provision writebacks on its
income statement of A294 million, A925 million and A185 million in 2016, 2015 and 2014, respectively. Key
drivers of the writebacks include increased security values and improved business cash flows due to the
stronger economic environment, cases cured from impairment and additional security gained as part of the
restructuring process.

During 2016, AIB began to experience an expected slowdown in restructuring momentum as the primary
restructuring period concludes and it is now primarily dealing with those cases which are of lower
monetary value, more complex, more specific to an individual’s circumstances and more protracted in
nature.
In addition, a larger proportion of the remaining loans being resolved are subject to enforcement
and the legal process associated with these takes more time than a consensual process. Going forward, AIB
expects that the level of impaired loans will continue to decrease but at a lower rate than has been the case
to date.


From prospectus P 155

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 Post subject: Re: The AIB thread
PostPosted: Mon Jun 12, 2017 11:51 pm 
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Quote:
Other exceptional items include costs which relate to the ongoing preparedness for a future capital market
event, capital reorganisation costs and other related items. Given the nature of these items, they were
viewed as exceptional by management. These costs incurred in the three months ended 31 March 2017
amounted to A9 million and in the year ended 31 December 2015 amounted to A15 million.


Prospectus P 161

Nice the government get to have the expenses of capital restructuring paid by the bank. Who were these costs paid to?

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 Post subject: Re: The AIB thread
PostPosted: Fri Jun 23, 2017 7:02 am 
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Joined: Sep 29, 2010
Posts: 8751
Location: London, innit
priced at €4.40

4 times over subscribed


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 Post subject: Re: The AIB thread
PostPosted: Fri Jun 23, 2017 8:39 am 
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Posts: 4201
AIB rises 6.6% in early trading after IPO (via @IrishTimes) http://www.irishtimes.com/business/fina ... -1.3130765

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 Post subject: Re: The AIB thread
PostPosted: Fri Jun 23, 2017 4:49 pm 
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https://www.rte.ie/news/2017/0623/885074-aib-reax/

Quote:
Mr Varadkar also said the sale of the shares in AIB and Bank of Ireland would mean that ultimately the bank bailout would cost half of what was originally thought.

"If you take into account the money we can recover from all the shares and also other means such as dividends, preference shares and the bank levy, we now expect we can cover about €20bn from AIB.

"When the entire process is completed and all the shares are sold what that means is we'll be able to recover all of the money that was invested in AIB during the financial crisis in addition to all the money invested in Bank of Ireland.

"We're in a very different position than we were in three or four years ago when we thought the bank bail out was going to cost €65bn.

"It looks like it's going to cost now something closer to half of that."


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 Post subject: Re: The AIB thread
PostPosted: Fri Jun 23, 2017 5:15 pm 
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TheJackal wrote:
https://www.rte.ie/news/2017/0623/885074-aib-reax/

It's interesting that it is Leo making the statement and not Paschal Donohoe.

Enda would have left it to Noonan.

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 Post subject: Re: The AIB thread
PostPosted: Fri Jun 23, 2017 7:41 pm 
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Joined: May 12, 2012
Posts: 2109
HouseBuyer wrote:
It's interesting to compare AIB with BOI. AIB is the state run enterprise, BOI is the bank that has been essentially under private equity control via Wilbur Ross, Fairfax, and Fidelity.



Wilbur Ross sold his stake in 2014.

I am not sure how one could argue that it is under private equity control if it has a primary listing.


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 Post subject: Re: The AIB thread
PostPosted: Sun Mar 04, 2018 8:49 pm 
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Joined: Sep 9, 2017
Posts: 300
Somewhat forgotten about in the snow, but another set of whopper results last week, this time from AIB:

Quote:
Earlier, AIB reported profits before tax and exceptionals of €1.6 billion for the year to the end of December after what it called a "pivotal year" for the bank.

In its first set of annual results since the Government sold a 29% stake in Europe's largest initial public offering last year, AIB proposed dividend payments at 12 cent per share, totalling €326m.

That compared to a €250m payment made to the Government a year ago when the then 99.9% state-owned bank became the first Irish lender to restart dividend payments since the financial crisis.

AIB said the level of impaired loans at the bank fell by €2.8 billion to €6.3 billion, which it said marked a 78% decrease since 2013.

https://www.rte.ie/news/business/2018/0301/944324-aib-annual-results/

Roughly the same profit was made by a larger AIB in 2005:
Quote:
AIB's 2005 pre-tax profits hit €1.7 billion
AIB has reported pre-tax profits of €1.706 billion for 2005, up from €1.37 billion in 2004. The bank, the country's largest listed company, said strong demand was underpinning a confident outlook for 2006 and beyond.

The bank's profits in the Republic rose by 24% to €779m, though growth was 15% when the effect of the 2004 investigation into foreign exchange charges was stripped out.

Profits at its UK and Northern Ireland business rose by 18%, while profits at its Polish operations were up 13%. Adjusted basic earnings per share rose by 15% to 145.9 cent.


https://www.rte.ie/news/business/2006/0222/73304-aib/

Unsustainable then, but barely note worthy today. Has it melted with you?


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 Post subject: Re: The AIB thread
PostPosted: Fri Apr 06, 2018 1:43 pm 
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Posts: 3597
Location: Cathair na dTreabh
AIB tweets:
All our Dublin branches are open on Saturdays in April from 10am to 4pm for Mortgage Meetings. Drop in and meet our dedicated mortgage advisers


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 Post subject: Re: The AIB thread
PostPosted: Sat Apr 07, 2018 1:57 pm 
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temene wrote:
AIB tweets:
All our Dublin branches are open on Saturdays in April from 10am to 4pm for Mortgage Meetings. Drop in and meet our dedicated mortgage advisers

I keep seeing their schmaltzy ads showing couples "on the last day of their mortgage", talking about their struggles over the years and how it was all worth it, with the tag line "We back belief every day". Seems a bit incongruous from the institutions that nearly wrecked the country. :evil:


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 Post subject: Re: The AIB thread
PostPosted: Fri Jul 27, 2018 12:47 pm 
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Joined: Sep 9, 2017
Posts: 300
Quote:
AIB reports steady half yearly profits and lower bad loans
AIB has today reported steady first-half profits, lower bad loans and higher lending and capital as it continues to recover a decade after the country's banking crash.
The lender said its pre-tax profits for the six months to the end of June came to €762m, up marginally from the €761m reported the same time last year. 
It said its business performance was in line with market expectations.
AIB said it was entering the final stages of the tracker mortgage examination with payments issued to the vast majority of customers. It said the rest of the payments will be completed by the end of September. 
"We know that issues may continue to emerge and we are committed to dealing with them in a transparent and fair way for our customers," the bank said. 
AIB said efforts to reduce the level of non-performing loans on its books also continued with a 27% reduction from €10.2 billion - or 16% gross loans - to €7.5 billion - or 12% gross loans.
A portfolio of non-performing loans worth €1.1 billion and characterised by "deep arrears" was sold in the first half of the year to Cerberus, resulting in a gain of €140m. 

https://www.rte.ie/news/business/2018/0727/981364-aib-half-year-results/

Running at €1.5bn a year profit now. Question is when to fold on the remaining shares. NTMA chief advises to move out now.


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