Anglo Irish has a very good rate on a one year fixed bond. Any opinions? Would they still come under the compensation scheme? Broker's note on front page says that they have the least exposure to the wholesale money markets of any Irish bank.
Full Version: Anglo Irish Bank
QUOTE(TeddyBear @ Sep 17 2007, 01:54 AM) 
Anglo Irish has a very good rate on a one year fixed bond. Any opinions? Would they still come under the compensation scheme? Broker's note on front page says that they have the least exposure to the wholesale money markets of any Irish bank.
The savings rate is beaten by Birmingham Midshires (owned by HBOS) and Standard Life Bank as of today, so perhaps you should split your money if you're that worried...
Its getting really stupid at the moment with everyone panicking about their bank.
Some banks are exposed but I doubt if a single one will crash.
Several have been stupid and are over-exposed to some risks but its the shareholders who will suffer, not the customers.
Really some people (the ignorant) are getting all worked up over nothing.
QUOTE(TeddyBear @ Sep 17 2007, 01:54 AM)
Anglo Irish has a very good rate on a one year fixed bond. Any opinions? Would they still come under the compensation scheme? Broker's note on front page says that they have the least exposure to the wholesale money markets of any Irish bank.
I have read somewhere in the last week they were in difficulties with sub prime. be careful i can,t find the link,so up to yourself, also Bank of Ireland,i can't remember the rest.
QUOTE(needle @ Sep 17 2007, 09:36 AM)
Its getting really stupid at the moment with everyone panicking about their bank.
Some banks are exposed but I doubt if a single one will crash.
Several have been stupid and are over-exposed to some risks but its the shareholders who will suffer, not the customers.
Really some people (the ignorant) are getting all worked up over nothing.
Some banks are exposed but I doubt if a single one will crash.
Several have been stupid and are over-exposed to some risks but its the shareholders who will suffer, not the customers.
Really some people (the ignorant) are getting all worked up over nothing.
1 yr Bond rate is 6.9% so not beaten by Birmingham or Standard Life
Thanks for calling me ignorant Needle. I am asking about Anglo Irish because I am not sure if it counts as a British bank or an offshore bank. I can only find reference to the banking code of practice on it's web pages and not the compensation scheme. Also, we all know that Ireland has had worse HPI, and probably more ridiculous mortgage lending than the UK. When a bank puts an analyst's note on the front page of it's website that announces that it is much safer than other banks, you have to ask why...
Also, generally interested in what they are like in terms of customer service.
It's all very well sitting in complacency - but have a read of the blurb on the front page of itraxx, the credit derivative exchange's website...
"In 2006 notional amounts for credit derivatives were USD 34 trillion, compared to USD 700 billion in 2001"
That is a pretty frightening figure, more than 33 trillion created in 6 years! Where did all that money come from? Is it real or is it created on paper only, a bit like Enron's and Worldcom's profits? Trillions of pounds sitting on the balance sheets of financial institutions around the world as assets, assets marked at a price that is currently wavering on a cliff edge and possibly due to be marked down to a tremendous extent.
Firstly I wasnt calling you ignorant - apologies.
Its the stampeding herds outside banks that are the worry.
These ignorant muppets knew (and still know) nothing about the banking system.
They were happy to MEW and borrow without a care and now its coming back to bite them on the ass.
But in their herd-like panic they are dragging everyone down with them.
Thats true.
I have read somewhere (I'll try to find a link for you) that these figures are in themselves notional.
There may be several trillion in these instruments but it is in the low trillions - the larger figure is notional - its (I think) the leverage value.
Yes it is bad and yes it is dangerous, but it is not armageddon.
Its a perfectly reasonable and expected (on here at least) market correction.
Its the stampeding herds outside banks that are the worry.
These ignorant muppets knew (and still know) nothing about the banking system.
They were happy to MEW and borrow without a care and now its coming back to bite them on the ass.
But in their herd-like panic they are dragging everyone down with them.
QUOTE(TeddyBear @ Sep 17 2007, 11:24 AM)
1 yr Bond rate is 6.9% so not beaten by Birmingham or Standard Life
Thanks for calling me ignorant Needle. I am asking about Anglo Irish because I am not sure if it counts as a British bank or an offshore bank. I can only find reference to the banking code of practice on it's web pages and not the compensation scheme. Also, we all know that Ireland has had worse HPI, and probably more ridiculous mortgage lending than the UK. When a bank puts an analyst's note on the front page of it's website that announces that it is much safer than other banks, you have to ask why...
Thanks for calling me ignorant Needle. I am asking about Anglo Irish because I am not sure if it counts as a British bank or an offshore bank. I can only find reference to the banking code of practice on it's web pages and not the compensation scheme. Also, we all know that Ireland has had worse HPI, and probably more ridiculous mortgage lending than the UK. When a bank puts an analyst's note on the front page of it's website that announces that it is much safer than other banks, you have to ask why...
Thats true.
QUOTE(TeddyBear @ Sep 17 2007, 11:24 AM)
It's all very well sitting in complacency - but have a read of the blurb on the front page of itraxx, the credit derivative exchange's website...
"In 2006 notional amounts for credit derivatives were USD 34 trillion, compared to USD 700 billion in 2001"
That is a pretty frightening figure, more than 33 trillion created in 6 years! Where did all that money come from? Is it real or is it created on paper only, a bit like Enron's and Worldcom's profits? Trillions of pounds sitting on the balance sheets of financial institutions around the world as assets, assets marked at a price that is currently wavering on a cliff edge and possibly due to be marked down to a tremendous extent.
"In 2006 notional amounts for credit derivatives were USD 34 trillion, compared to USD 700 billion in 2001"
That is a pretty frightening figure, more than 33 trillion created in 6 years! Where did all that money come from? Is it real or is it created on paper only, a bit like Enron's and Worldcom's profits? Trillions of pounds sitting on the balance sheets of financial institutions around the world as assets, assets marked at a price that is currently wavering on a cliff edge and possibly due to be marked down to a tremendous extent.
I have read somewhere (I'll try to find a link for you) that these figures are in themselves notional.
There may be several trillion in these instruments but it is in the low trillions - the larger figure is notional - its (I think) the leverage value.
Yes it is bad and yes it is dangerous, but it is not armageddon.
Its a perfectly reasonable and expected (on here at least) market correction.
QUOTE(needle @ Sep 17 2007, 11:32 AM)
Firstly I wasnt calling you ignorant - apologies.
Yes it is bad and yes it is dangerous, but it is not armageddon.
Yes it is bad and yes it is dangerous, but it is not armageddon.
I don't think it's armageddon - well, if it was, that would be easier as it wouldn't matter which bank you are with!
As I've mentioned elsewhere, I've been sitting on NR windfall shares and didn't get around to selling them, thinking, as they dropped and dropped over the past few months that it didn't matter, I could sit on them for years and they'd come back up again eventually. Now it's looking like probably, there will be a takeover for a very small share price, so that's bye bye to a few grand. Also, another share I hold is another of the biggest falls on the FTSE today hence another take over target. Thus, as I am about to STM and going to be investing as don't want to buy in a new area without getting to know it first - I do need to be careful. I would love to be able to shove all the money in to one 1 yr bond paying nearly 7%, opening a bunch of accounts is going to be a right pain but we seem to be living with so many unknowns.
Allied Irish Banks PLC seem to be covered by the FCSC .
http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=58704
http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=58704
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