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shedfish

Bailout Hat Trick

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i thought at first this was an old article, but the Irish Property Monster keeps feasting on future productivity

http://www.telegraph.co.uk/finance/newsbys...te-capital.html

The capital injection was required because Anglo Irish's core tier-one ratio sank to just 1.4pc at the end of March and to continue operating it required a temporary waiver over capital requirements. The bail-out will lift the ratio to 6.4pc.

The bank's loss was a result of a €4.1bn bad debt charge, taken as a provision largely against €17.7bn of loans to property developers.

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I’m relieved about this bailout, for purely selfish reasons.

Unfortunately I have £30,000 of my STR fund in a high-interest (6.9%) Anglo-Irish bond, which isn’t due to mature until September.

When I set up the bond, Anglo-Irish was covered by the UK’s Financial Services Compensation Scheme. This rug was pulled from under my feet a few months later, and now it’s only covered by the Irish government’s equivalent scheme.

Despite my making a huge fuss, the bank refused to let me have my money back. Now of course I only hope that the bank survives until September! I’m not sure where I’ll put the money then, as the number of options of safe banks seems to be diminishing …

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