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Allied Irish Effectively Under State Control After €3.7Bn Bail-Out

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http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8222888/Allied-Irish-effectively-under-state-control-after-3.7bn-bail-out.html

Ireland will use funds from the country's National Pension Reserve Fund (NPRF) to boost Allied's core tier 1 capital ratio to 8pc ahead of a year-end deadline set by the government.

The NPRF will also receive convertible non-voting right shares, which will be converted into ordinary stock, handing it a 93pc holding in Allied once the bank completes the sale of its Polish interests to Santander early next year.

Allied will move out of the main Irish and British stock markets on January 26 and apply for a listing on the enterprise securities market of the Irish exchange, giving shareholders access to a trading facility for its shares.

Brian Lenihan, the Irish finance minister, said: "The markets are not willing to invest in the Irish banks because they do not have confidence in them.

But luckily we have pensioners who don't get to say where their pension money is invested so we are giving it to the bankers.

What a roaring investment this will turn out to be for the pensioners. This clearly won't cause any problems.

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Honestly basic banking like deposits, basic term deposits, normal mortgages with historically average down payments.. the government can probably handle that just fine. No reason to re-privatize it.

If wealthy people want to go outside of the insured deposits and get higher term rates they can invest in venture capital type of private banks.. but there should be no guaruntee on the funds. If that private bank blows up, too bad, try again.

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<I>Brian Lenihan, the Irish finance minister, said: "The markets are not willing to invest in the Irish banks because they do not have confidence in them.</i>

And the people who've entrusted you with their retirement fund do?

I'm surprised there's not more rioting tbh.

D

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  • 309 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% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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