Anglo Irish formally changes names to IBRC
The two groups, whose reckless lending helped trigger a crisis that forced Ireland into an EU-IMF bailout, have had their boards overhauled, their deposits sold off and are being wound down over the next 10 years.”I strongly believe that, in addition to meeting practical requirements for the merged organisation, this name change is of symbolic importance to all of us as we move on from the past,” Chief Executive Mike Aynsley said in a statement.”The cost to the Irish taxpayer caused by the disastrous lending practices and poor stewardship of Anglo Irish Bank and INBS will not be forgotten or forgiven.”
Anglo Irish formally changes names to IBRC
The two groups, whose reckless lending helped trigger a crisis that forced Ireland into an EU-IMF bailout, have had their boards overhauled, their deposits sold off and are being wound down over the next 10 years.”I strongly believe that, in addition to meeting practical requirements for the merged organisation, this name change is of symbolic importance to all of us as we move on from the past,” Chief Executive Mike Aynsley said in a statement.”The cost to the Irish taxpayer caused by the disastrous lending practices and poor stewardship of Anglo Irish Bank and INBS will not be forgotten or forgiven.”
Entrvista-Anglo American Says Fundamentals Remain Strong Copper : http://newish.info/22052-entrvista-anglo-american-says-fundamentals-remain-strong-copper
JSE up ahead of Europe meeting
indepthafrica.comArticle by Pemisire at 2011-10-21 09:45:39
Categorized in Business, Headlines,
$1 billion bond in Anglo Irish
ariva.deClick on the title to see graph and technical info (ariva.de, in German)
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It looks like this bond, issued at a discount to face in US dollars in 2008, will be paid in full by the former Anglo Irish Bank, now the “Irish Bank Resolution Corporation”. The bond is not guaranteed by the Irish Government, and does not have to be repaid as Anglo Irish Bank collapsed with a loss of €30 billion in impaired and reckless lending.
This is a disgrace to capitalism of course. As you can see from the graph in the link, when the credit crisis hit the bond traded at 100% of face, as investors scrambled for safety, later dropping to 55% of face as people came to realise that Anglo Irish Bank was a failure. Its payment at 100% of face in a couple of days is a major boon for the holder, whose identity is secret but is probably an American pension fund (part of the “carry trade”).
Face is the amount of cash the bond is nominally for. Bonds are issued at a discount to face to compensate providers of capital for the use of their money and the risk to their investment.
