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copydude

Anglo Irish Bank Lose 13.7 Million On Just One Loan

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Anglo Irish has £14 million outstanding. Will get back £260,000.

Another tale of undue indiligence

ANGLO-IRISH-BANK-LOGO.jpg

Probably not many of you follow F1. The majority of those who do, however, were surprised that anyone lent money to Donington Park (in the form of Donington Ventures Leisure Ltd) in its bid to host the British Grand Prix.

After all, it's well-known that race circuits around the world routinely lose millions hosting an F1 race every year.

However, at least other venues have an F1 circuit to promote. Donington needed to borrow another 138 million just to build one in the first place. And It would need to borrow millions to pay the hosting fees too.

In 2007, to kick off the bid, a whopping £16.3 million Anglo Irish Bank loan to DVL was 'secured' on Donington's assets. But there weren't really any to speak of, since Donington Park itself was only leased by DVL. (Oh, and even the rent was in arrears.)

Now, really. Just 5 minutes googling on the net will tell any bank clerk or 13 year old that F1 races are a loss for promoters. Any and all advertising and TV revenues are owned by the F1 rights holder, leaving just ticket sales to defray a little of the astronomic hosting fees. The reason private promoters won't touch F1.

So, the chances of a default on this loan were always pretty much 100% . . . plus. It probably isn't surprising that Anglo Irish went so spectacularly bust.

I now learn that the administrators of DVL, declared bankrupt last October, hope to recover just £260,000 of the £14 million outstanding to Anglo Irish.

Additional info: here

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soooooooooooo WTF did they spend it all on?

:ph34r:

Destroying, then (I hope) repairing the track

Edited by Peter Hun

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I now learn that the administrators of DVL, declared bankrupt last October, hope to recover just £260,000 of the £14 million outstanding to Anglo Irish.

But did the bosses at AIB get plenty of VIP days out at F1 races for the taxpayer losses?

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But did the bosses at AIB get plenty of VIP days out at F1 races for the taxpayer losses?

AIB is a different thing to Anglo. And will most likely become a much bigger problem than Anglo ever was.

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another 40 million easy come easy go

http://www.bbc.co.uk/news/uk-northern-ireland-11698446

Thanks for posting the link.

Anglo Irish Bank faces losing at least £40m due to the failure of a company which owned the lease on part of the Odyssey complex in Belfast.

It has emerged that the value of the lease at £31m while Anglo Irish is still owed £71m.

The failure of the company is likely to also mean a significant cost to the taxpayer.

HM Revenue and Customs has made a claim for a VAT repayment of £425,869 but a report by the administrator says that Anglo must get back its money in full before anything is paid to the taxpayer.

This is putting the Irish in the same boat as the Icelanders . . . think a protest is on the cards? As in Iceland, it isn't difficult to join the dots between national suffering for a dodgy bank . . ..

Edited by copydude

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Anglo Irish has £14 million outstanding. Will get back £260,000.

Another tale of undue indiligence

ANGLO-IRISH-BANK-LOGO.jpg

Probably not many of you follow F1. The majority of those who do, however, were surprised that anyone lent money to Donington Park (in the form of Donington Ventures Leisure Ltd) in its bid to host the British Grand Prix.

After all, it's well-known that race circuits around the world routinely lose millions hosting an F1 race every year.

However, at least other venues have an F1 circuit to promote. Donington needed to borrow another 138 million just to build one in the first place. And It would need to borrow millions to pay the hosting fees too.

In 2007, to kick off the bid, a whopping £16.3 million Anglo Irish Bank loan to DVL was 'secured' on Donington's assets. But there weren't really any to speak of, since Donington Park itself was only leased by DVL. (Oh, and even the rent was in arrears.)

Now, really. Just 5 minutes googling on the net will tell any bank clerk or 13 year old that F1 races are a loss for promoters. Any and all advertising and TV revenues are owned by the F1 rights holder, leaving just ticket sales to defray a little of the astronomic hosting fees. The reason private promoters won't touch F1.

So, the chances of a default on this loan were always pretty much 100% . . . plus. It probably isn't surprising that Anglo Irish went so spectacularly bust.

I now learn that the administrators of DVL, declared bankrupt last October, hope to recover just £260,000 of the £14 million outstanding to Anglo Irish.

Additional info: here

I usually take a dim view of racial stereotyping, but

F*ck me thse Irish - thick or what? :lol:

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Didnt RBS manage to lose £2 or 3 BILLION to one Russian Oligargh?

Let's re-phrase that:

The shareholders lost £2 or £3 billion....

The "Managers"/Directors got their MILLIONS in commissions for the dud transactions...... You see..... It doesn't matter whether the transactions are dud or not --- it's just a matter of making transactions to make commissions....

:rolleyes:

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  • 140 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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      • up 5%



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