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Irish Life Withdraws Its Shares From Irish Stock Market

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http://www.bbc.co.uk/news/business-12903872

Irish Life & Permanent has withdrawn its shares from the Irish stock exchange ahead of a fresh round of bank stress tests.

There has been media speculation that more banks may have to be nationalised once the results of the stress tests are known.

Shares in Irish Life fell 44% on Tuesday to 41 cents a share.

The firm was the only lender to avoid a government bail-out after the financial crisis.

It is thought that Irish banks may need as much as 30bn euros ($42bn; £26bn) in additional capital, which would take the total amount injected into Irish banks since the financial crisis to approximately 75bn euros.

So will this be the next bank to be nationalised in Ireland? One of the sacrificial lambs to prove the stress test was vigorous and tough?

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Not quite so 'Permanent' after all then.

Irish Life & Permanent is the Republic of Ireland's largest provider of mortgages and private pensions.

I'm sure the government can just guarantee the lot without consequence. No biggie.

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Not quite so 'Permanent' after all then.

I'm sure the government can just guarantee the lot without consequence. No biggie.

I wondered how large they where, after your post I'm just relieved. Not an issue at all.

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The Bank of Ireland (BKIR) shares were also suspended today. They fell to 0.22p yesterday.

Nationalisation is the only option now.

is that the bank of ireland which has been touting its "products" through the post office?

ah begorrah, it is!

http://www2.postoffice.co.uk/finance/savings-investments/faqs-deposit-protection-schemes

still i'm sure there is absolutely nothing to worry about... :ph34r:

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We did warn about BKIR. It Looks like some people took a big gamble on the stock rising, may get severely burned. Don't know if its true but a poster on ADVFN has £60K tied up in BKIR stock.

Edited by Money Spinner

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Article says they withdrew their own shares. The only way to do that is to buy the shares and cancel them.

I assume the exchange suspended trade. Weird farce.

I assume they withdrew them from being listed/tradeable on the stock exchange, they didn't do a buy-back.

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Define 'fail'.

Ireland can't bail its banks out like the UK or US can by printing money - if they want to rescue a bank then the state must actually raise cash on the bond market. And of course, no-one wants Irish bonds.

I guess Ireland will have to draw upon the EU so-called 'bailout' fund, meaning they borrow at something close to 6% from the ECB and IMF and then give the money to these fraudsters to cancel their bad debts. Great if you're a criminal bankster, less so if you are a dumb-shit Irish taxpayer.

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http://www.bbc.co.uk/news/uk-northern-ireland-12912358

The latest estimate of the cost of the Irish banking crisis is expected to be revealed later on Thursday with the release of bank stress tests results.

They are expected to show the banks need an extra 30bn euros (£26.3bn).

The Irish Central Bank has tested four lenders - Allied Irish Banks, Bank of Ireland, Educational Building Society (EBS) and the Irish Life & Permanent.

The latest capital injection is expected to leave all four institutions in majority government ownership.

Dublin already owns most of Allied Irish Banks and the EBS following a previous rescue of the banks.

Money set aside from the EU-IMF bail-out money agreed in November is expected to be used to fund the latest recapitalisation.

As noted above the Irish govt is out of cash, this time it's the EU wide rescue fund funding this little bailout.

At least this will be the final Irish bank bailout, this time it will be fixed.

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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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