Board index » The IRISH PROPERTY BUBBLE » The Central Bank

Post new topic Reply to topic  [ 2234 posts ]  [Go to page]   Previous  1 ... 220, 221, 222, 223, 224  Next
Author Message
 Post subject: Re: The AIB thread
PostPosted: Mon Jun 12, 2017 10:52 pm 
Offline
Too Big to Fail

Joined: Feb 6, 2007
Posts: 4201
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.

_________________
When Chuck Norris buys a house he wears a Bertiebasher T shirt - ewd3

Ruminations of a Rain Sozzled Paddy blog


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

Joined: Feb 8, 2007
Posts: 5203
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...


Top
 Profile  
 
 Post subject: Re: The AIB thread
PostPosted: Mon Jun 12, 2017 11:16 pm 
Offline
Of Systemic Importance

Joined: Jun 9, 2008
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.

_________________
“Don't ask the barber if you need a haircut—and don’t ask an academic if what he does is relevant.” Nassim Nicholas Taleb


Top
 Profile  
 
 Post subject: Re: The AIB thread
PostPosted: Mon Jun 12, 2017 11:41 pm 
Offline
Of Systemic Importance

Joined: Jun 9, 2008
Posts: 7098
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

_________________
“Don't ask the barber if you need a haircut—and don’t ask an academic if what he does is relevant.” Nassim Nicholas Taleb


Top
 Profile  
 
 Post subject: Re: The AIB thread
PostPosted: Mon Jun 12, 2017 11:51 pm 
Offline
Of Systemic Importance

Joined: Jun 9, 2008
Posts: 7098
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?

_________________
“Don't ask the barber if you need a haircut—and don’t ask an academic if what he does is relevant.” Nassim Nicholas Taleb


Top
 Profile  
 
 Post subject: Re: The AIB thread
PostPosted: Fri Jun 23, 2017 7:02 am 
Offline
Nationalised

Joined: Sep 29, 2010
Posts: 8799
Location: London, innit
priced at €4.40

4 times over subscribed


Top
 Profile  
 
 Post subject: Re: The AIB thread
PostPosted: Fri Jun 23, 2017 8:39 am 
Offline
Too Big to Fail

Joined: Feb 6, 2007
Posts: 4201
AIB rises 6.6% in early trading after IPO (via @IrishTimes) http://www.irishtimes.com/business/fina ... -1.3130765

_________________
When Chuck Norris buys a house he wears a Bertiebasher T shirt - ewd3

Ruminations of a Rain Sozzled Paddy blog


Top
 Profile  
 
 Post subject: Re: The AIB thread
PostPosted: Fri Jun 23, 2017 4:49 pm 
Offline
Of Systemic Importance
User avatar

Joined: Aug 20, 2009
Posts: 5222
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."


Top
 Profile  
 
 Post subject: Re: The AIB thread
PostPosted: Fri Jun 23, 2017 5:15 pm 
Offline
Of Systemic Importance

Joined: Sep 13, 2012
Posts: 5520
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.

_________________
"It's easy to confuse what is with what ought to be, especially when what is has worked out in your favour"
Tyrion Lannister


Top
 Profile  
 
 Post subject: Re: The AIB thread
PostPosted: Fri Jun 23, 2017 7:41 pm 
Offline
Under CAB Investigation

Joined: May 12, 2012
Posts: 2187
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.


Top
 Profile  
 



Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 2234 posts ]  [Go to page]   Previous  1 ... 220, 221, 222, 223, 224  Next

    Board index » The IRISH PROPERTY BUBBLE » The Central Bank

Who is online

Users browsing this forum: bedsit, Boston and 3 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum

Jump to:  

Follow, Retweet @dailypinster



Pyramid Built, Is Better Built! - Latest Property Discussions www.thepropertypin.com