Dienstag, 31. August 2010

Halbjahreszahlen der Anglo Irish Bank

Auf dieser Seite ist ein kurzer Überblick über die Halbjahreszahlen zu finden:

http://www.investegate.co.uk/Article.aspx?id=201008311025078565R


der vollständige Interimsreport findet sich unter

http://www.rns-pdf.londonstockexchange.com/rns/8565R_-2010-8-31.pdf


Durch Abschreibungen und Verkäufe von Kreditportfolios mit hohem Abschlag an die NAMA hat Anglo im ersten Halbjahr einen Verlust von 8,2 Mrd. Euro geschrieben. Zur Rettung der Bank hat die irische Regierung nun bereits knapp 24 Mrd. Euro aufgewendet.

Hohe Verluste im ersten Halbjahr erwartet

31/08/2010 - 07:14:11
Anglo Irish Bank is due to announce results today for the first six months of the year.

Anglo is expected to show further massive losses, with experts predicting they could exceed €4bn. The bank reported a €4.1bn loss for the same period last year.

Anglo has since transferred more than €9.25bn worth of loans to NAMA at discounts of more than 50%.

The results will coincide with fresh political debate over the future of the nationalised bank, with the Cabinet set to meet tomorrow for the first time since the summer break.

http://www.breakingnews.ie/business/eyqlkfeyidid/

Montag, 30. August 2010

Anleihenkurs zieht nach News deutlich an

zunächst ein weiterer Artikel zur aktuellen Entwicklung:

Pressure grows on Irish PM to close Anglo Irish Bank


By Andras Gergely

DUBLIN, Aug 30 (Reuters) - Ireland's government signalled on Monday that gradually winding down nationalised Anglo Irish Bank could be an option as political pressure mounts on Prime Minister Brian Cowen to stem the rising cost of maintaining the troubled lender.

Propping up Anglo Irish left Ireland with the biggest budget deficit in the European Union last year and with the costs continuing to climb and no final bill in sight, markets are spooked and the premium investors demand to hold 10-year Irish bonds rather than Bunds neared record highs again on Monday.

Until recently, the government's preference for Anglo has been to split it into a good bank and a bad bank but the Green Party said on Monday it wanted the lender, brought to the brink of collapse by a disastrous binge on property, wound down slowly.

'What we are not saying is that there can be an immediate shutdown of Anglo, that is still by far the most expensive option,' Green Party Chairman Boyle told public radio RTE.

'Any orderly wind-down of a bank will take at least four or five years,' said Boyle.

Cowen needs Green Party support to continue in office and tackle the country's deficit woes.

In response to Boyle's comments, the finance ministry said both the good bank-bad bank split and an orderly wind-down remained available options in talks with Brussels.

'If the orderly wind-down of Anglo is selected as the most cost-effective option, then obviously the time period for this wind-down would be whatever time period minimised the cost,' the ministry said.

Anglo's chief executive said this month he expected the European Commission to agree on a good bank-bad bank split but a newspaper report on Sunday said that plan was facing opposition in Brussels.

If the EC demands Anglo Irish be shut down there is very little Ireland, whose position within the euro zone has prevented an Icelandic-style meltdown, can do to keep it open.

Dublin has consistently argued that keeping Anglo operating was the cheapest option because shutting it could spark a possible flight out of Irish sovereign debt.

But some analysts said a wind-down, if structured properly, might not have such disastrous consequences for Ireland's investor profile as ministers previously argued.

'The policy is to ensure that bondholders are repaid their full amount and the bank is kept open,' said Dermot O'Leary, chief economist at Goodbody Stockbrokers. 'And despite that we're seeing spreads on Irish government bond yields at record high levels.

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Aufgrund der aktuellen Entwicklung ist vor allem der Kurs der 2014er Anleihe deutlich angesprungen. In Frankfurt beträgt der aktuelle Kurs 49,75%. Im Falle einer ordentlichen Abwicklung wäre die volle Rückzahlung der 2014er Anleihen wohl am wahrscheinlichsten, während eine mögliche rasche Abwicklung bei den 2016er und 2017er Anleihen für Unsicherheit sorgt. Die 2014er Anleihen könnten daher in Kürze weiter anziehen. Weiterhin möglich ist auch ein Rückkaufangebot.

Mögliche Abwicklung der Anglo Irish Bank in 4-5 Jahren

Shut down Anglo Irish Bank over 4-5 years: Greens

DUBLIN, Aug 30 (Reuters) - Ireland should consider shutting down nationalised Anglo Irish Bank over a period of about five years, the Green Party, the smaller member in the governing coalition said on Monday.

The comment from Green Party chairman Dan Boyle followed a newspaper report on Sunday that the plan to carve out a substantial so-called 'good bank' from Anglo Irish was facing opposition from the Greens and the European Commission.

'What we are not saying is that there can be an immediate shutdown of Anglo, that is still by far the most expensive option,' Boyle told public radio RTE.

He said the wind-down period should be less than 10 years.

'Any orderly wind-down of a bank will take at least four or five years,' Boyle said.

Weiterlesen...


Aufgrund dieser News konnten die 2014er Anleihen, deren Rückzahlung mit der größten Wahrscheinlichkeit noch in die Abwicklungsperiode fällt deutlich zulegen. Der Geldkurs legte heute in Stuttgart auf aktuell 48,00 zu.

Sonntag, 29. August 2010

Abwicklung der Anglo Irish Bank mit 100% Rückzahlung der Anleihen?

Anglo Irish plan faces party, EU opposition-report

DUBLIN, Aug 29 (Reuters) - A plan to carve out a substantial 'good bank' from nationalised Anglo Irish Bank is facing opposition from the European Commission and Ireland's smaller governing party, the Sunday Business Post newspaper reported.

The mounting cost of rescuing Anglo Irish Bank this month pushed Ireland back into the centre of the euro zone debt crisis and its sovereign bond yields could rise further if the bank's rescue plan failed to clear political or regulatory hurdles.

Anglo Irish, taken over after exposure to a property market crash and several loan and deposit scandals, is moving half of its loan book to Ireland's state 'bad bank' scheme.

It has proposed to divide its remaining assets into a 'good' and 'bad' bank of its own, with the good unit taking assets worth between 10 billion and 15 billion euros.

The Sunday Business Post, which did not name its sources, said Brussels was likely to push for a wind-down of the entire bank or at most accept a small good bank with a severely limited mandate for new lending.


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Eine ordentliche Abwicklung der kompletten Anglo Irish Bank sollte aufgrund der Dauer des mehrjährigen Abwicklungsprozesses vor allem für die 2014er Anleihen sehr positiv sein. Hier gibt es die höchste Rückzahlungswahrscheinlichkeit, denn bis 2014 ist selbst eine verhältnismässig rasche Abwicklung sicher nicht möglich. Deshalb sollten die 2014er LT2-Anleihen bei Fälligkeit zu 100% ausbezahlt werden. Mit hoher Wahrscheinlichkeit gilt dies auch für die 2016er und 2017er Anleihen, jedoch ist hier der Unsicherheitsfaktor durch die deutlich längere Laufzeit etwas höher.

Da aktuell immer noch keine Entscheidung zu Gunsten eines bestimmten Szenarios gefallen ist (Aufspaltung oder Abwicklung...) bietet die damit einhergehende Unsicherheit eine gute Kaufgelegenheit für Anleger mit etwas Mut.

Freitag, 27. August 2010

Need to justify Anglo bailout - Noonan

HARRY McGEE, Political Correspondent

THERE IS now a compelling need for the Government to fully justify why it is continuing its rescue of Anglo Irish Bank, Fine Gael finance spokesman Michael Noonan has said.

Mr Noonan said Minister for Finance Brian Lenihan must publish a “balance sheet”-type statement to support the argument that Anglo Irish was worth saving.

“The Minister must make a detailed statement where he sets out the cost of rescuing Anglo Irish Bank against the cost of an orderly wind-down. We must be reaching a point now where an orderly wind-down is less expensive than the continuing incremental bailout,” said Mr Noonan.

Weiterlesen...

EU-Entscheidung in den kommenden Wochen erwartet

Ireland sees deal with EU on Anglo Irish in weeks

DUBLIN, Aug 26 (Reuters) - Ireland hopes to agree with the European Commission in the coming weeks on the future of Anglo Irish Bank, a junior minister in the finance ministry said on Thursday.

The cost of rescuing Anglo Irish Bank was cited by Standard&Poor's when it cut its credit rating on Ireland on Tuesday.

Minister of State Dara Calleary said the government was anxious to end uncertainty over Anglo Irish, also echoing comments from Ireland's national debt agency, which said S&P's methodology in valuing the state's bank costs was flawed.

Kompletter Artikel

Anglo Irish Bank verkauft Kreditportfolio an NAMA

62% discount on Anglo second tranche

The National Asset Management Agency (NAMA) has completed the transfer of the second tranche of loans from Anglo Irish Bank with a discount of 61.9%.

Earlier reports had suggested that the discount would be 60-61% but the final figure was even higher.

The "haircut" on the first tranche of Anglo's loans was 55%.

NAMA has acquired loans with a nominal value of €6.75bn from Anglo Irish and issued the State-owned bank securities with a value of €2.57bn.

The "haircut" on the first tranche of Anglo's loans was 55%.

The acquisition of loans from Anglo Irish Bank concludes the second tranche of transfers from all five financial institutions covered by NAMA at a weighted average discount of 55.6%.

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Montag, 16. August 2010

Moody`s: Das Schlimme für Irlands Banken "wahrscheinlich vorbei"

16.08.2010 - 12:27

LONDON (Dow Jones)--Der Kauf irischer Staatsanleihen durch die Europäische Zentralbank (EZB) in der vergangenen Woche signalisiert nach Auffassung von Moody's Investors Service nicht, dass die kürzlich eingekehrte Ruhe an den europäischen Anleihenmärkten nur temporärer Natur ist. "Die schlimmsten Tage" für Irland und seine Banken seien "wahrscheinlich" vorbei, teilte die Ratingagentur am Montag in ihrem wöchentlichen Ausblick mit.

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Irische Zentralbank: Bailout der Anglo Irish Bank ist zu managen

HONG KONG, Aug 16 (Reuters) - Ireland's bailout of Anglo Irish Bank, which is partly behind the country's soaring budget deficits, is 'costly but manageable', Ireland's Central Bank Governor Patrick Honohan said on Monday.

Honohan, who is also the European Central Bank's rate setter, reiterated the country's budget deficit would be around 20 percent of its annual GDP this year despite continuing troubles at the bank, which is receiving extra state aid.

'It's a terrible shock to the system. It's costly but it's manageable.' Honohan said during a speech in Hong Kong.

The European Union last week approved plans for up to 10 billion euros ($12.75 billion) of state aid for Anglo Irish, and Honohan said on Sunday that plans to recapitalise the bank were well on track and had little impact on the government's overall deficit plans.

Honohan had said Ireland remained committed to its target of reducing its budget deficit to 3 percent of gross domestic product by 2014.

But this year its budget deficit is not going down but up.

'It's a very high deficit measured this year because we're taking the hit, we're acknowledging the losses in the banking system and those losses which are being paid for by the government have to be included in the deficit,' he said.

($1=.7841 Euro)

(Reporting by James Pomfret, writing by Alison Leung; Editing by Chris Lewis)

Quelle: http://www.finanznachrichten.de/nachrichten-2010-08/17703991-refile-ireland-s-anglo-irish-bank-bailout-manageable-honohan-020.htm

Transfer von 8 Mrd. Euro Kreditportfolio an NAMA bald komplett

Anglo nears completion of its €8bn transfer to NAMA

By John Mulligan

Monday August 16 2010

Anglo Irish Bank continued the transfer of its second tranche of €8bn in loans to the National Asset Management Agency (NAMA) at the weekend -- and the Irish Independent understands the full amount could be with the agency by next weekend.

Four of the five participating institutions in NAMA -- Bank of Ireland, Allied Irish Banks, Irish Nationwide and EBS -- transferred €5.2bn worth of loans at an average discount of 48pc to NAMA last month.

Anglo had also been due to transfer loans at that time. It is believed the delay in transferring the Anglo loans was due to the amount of due diligence being undertaken on them and the scale of the loan book.

Last month it emerged that just one-quarter of the €15.3bn first tranche of loans transferred to NAMA was being repaid, despite the banks' assurances that 40pc were performing.

Weiterlesen...

Mittwoch, 11. August 2010

Weitere Soforthilfe für Anglo Irish Bank

Die verstaatlichte Anglo Irish Bank erhält zum dritten Mal seit Ausbruch der Finanzkrise Hilfe von der irischen Regierung. Die EU-Kommission genehmigte 10,05 Mrd. Euro Soforthilfe für das Institut, das als Sorgenkind des irischen Bankensektors gilt.

Europas Wettbewerbshüter halten die Hilfe für dringend notwendig - nicht nur, um die Bank zu retten, sondern auch, um das Vertrauen in die irischen Finanzmärkte zu bewahren. Zugleich pochen die EU-Experten darauf, dass die Anglo Irish Bank komplett umstrukturiert wird.

Die Bank muss nach Brüsseler Angaben fallende Preise für Immobilien und ausfallende Krediten verkraften, wodurch sich Wertminderungen und Verluste mehren. Seit Juni 2009 hatten die EU-Wettbewerbshüter zweimal staatliche Hilfen über insgesamt rund 14 Mrd. Euro freigegeben.

Link zum Artikel

Noch besteht eine Unsicherheit, was mit den nachrangigen Anleihen der Bank geschieht deren Volumen insgesamt etwa 2 Mrd. Euro beträgt. Aus rechtlicher Sicht kann es bei den LT2-Anleihen nur im Insolvenzfall einen Zahlungsausfall geben. Nicht nur durch die neuen Hilfen ist eine Insolvenz nun so gut wie unmöglich. Allerdings wird erwartet, dass die Halter der nachrangigen Anleihen auf einen Teil ihrer Forderungen verzichten. Mit einem attraktiven Übernahmeangebot für die nachrangigen Anleihen könnte die irische Regierung sicher einige hundert Millionen Euro einsparen.


Dienstag, 10. August 2010

EU agrees new Anglo Irish Bank aid, adds to budget risk

By Andras Gergely and Foo Yun Chee

DUBLIN/BRUSSELS, Aug 10 (Reuters) - Anglo Irish Bank won temporary clearance from the EU on Tuesday for a fresh bailout of up to 10 billion euros ($13.2 billion) from the Irish government, more than expected and putting further pressure on Ireland's bulging budget deficit.

Ireland's finance ministry said underlying budget trends remained in line with its targets but it acknowledged that an aid package given to Anglo Irish in March would probably increase the government deficit and so could the latest bailout.

The bank was nationalised last year after it was hit by deposit and loan scandals and a property market crash. The Irish government injected 4 billion euros in emergency capital into the bank last year and another 10.3 billion euros this year.

Weiterlesen...


Montag, 9. August 2010

Schneller Bailout erwartet, kommt ein Rückkaufangebot?

Lenihan may fast-track Anglo bailout


Finance Minister Brian Lenihan is to consider making a once-off multibillion-euro commitment of further funds to Anglo Irish Bank, in an attempt to remove ongoing uncertainty about the cost to the exchequer of bailing out the troubled bank.

An announcement is expected shortly, including the key decision on whether to deal with Anglo’s capital needs in one single payment.

Intense contacts have been under way between the bank and the Department of Finance in order to calculate what further capital will be needed, as well as how and when it should be paid.

The government has already injected more than €14 billion into Anglo, the bulk of it via a promissory note, and Brian Lenihan, the Minister for Finance, has indicated that a further €8 billion may be required.

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Je nachdem wieviel die staatliche Badbank NAMA für das noch Kreditportfolio bezahlt, sind noch weitere Steuergelder notwendig und die Summe der Staatshilfen könnte auf 25 Mrd. Euro steigen. Außerdem heisst es in dem Artikel, dass bei den 2 Mrd. Euro nachrangigen Anleihen die Rückzahlungssumme verringert werden könnte. Mittels eines Rückkaufangebots zu einem attraktiven Kursniveau (im Fall der 2014er LT-Bonds z.B. zu 60-65%) könnte bestimmt ein großer Teil der Anleihengläubiger motiviert werden die Bonds gegen Cash zu tauschen und dabei auf einen Teil des Nominalwerts zu verzichten. Der irische Staat könnte sich so einige hundert Mio. Euro einsparen.

Freitag, 6. August 2010

Anglo Irish Bank erwartet EU-Unterstützung für Plan

Anglo Irish expects EU backing for plan in Sept

By Padraic Halpin

DUBLIN, Aug 5 (Reuters) - Anglo Irish Bank expects to agree 'in principle' with the European Union in September on a plan to split into a 'good' and 'bad' bank, the chief executive of the nationalised lender said on Thursday.

Anglo, nationalised last year after deposit and loan scandals and exposure to a property market crash, submitted its latest restructuring plan to the European Commission in May with the preferred option to split the bank in two.

Chief Executive Mike Aynsley had told Reuters in June that he expected a preliminary EU verdict by late July or early August, but he told staff on Thursday that work still had to be done.

'We had hoped by now to be in a position to announce an 'in principle' agreement with the EC for the bank's split,' Aynsley told staff in a presentation seen by Reuters.

'However, summer is upon us and it will likely be September now before all the necessary processes are worked through.'

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demnach geht man bei Anglo Irish davon aus, dass die Teilung der Bank in zwei Teile die Unterstützung der EU-Komission im September findet und dass operativ bereits Ende des Jahres eine Aufspaltung erfolgt die dann Ende nächsten Jahres auf allen Ebenen komplettiert ist. Die Good Bank wird ein überschaubares Geschäft mit 10 bis 15 Mrd. Kreditportfolio bekommen, während die nach den NAMA-Transfers verbleibenden Kredite in der Bad Bank zur längerfristigen Auswertung landen.


Donnerstag, 5. August 2010

Anglo verkauft 230 Wohnungen in Manhattan

Anglo to sell 230 condos in downtown Manhattan

Units may be offloaded at 40pc of their original market value

By Emmet Oliver

Wednesday August 04 2010

Nationalised lender Anglo Irish Bank looks set to sell off more than 230 apartments in New York after its successful foreclosure action against a leading developer in the city.

The bank is reported to be planning a "bulk sale'' of the apartments in September according to reports from New York.

The apartments (effectively condos) may have to be sold at just 40pc of their original market value. They are located at the Rector Square development in Battery Park City, at the southern tip of Manhattan.

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interessant ist auch der letzte Absatz dieses Artikels:

"Anglo is awaiting a decision from the EU on whether it can become a so-called good bank/bad bank. This is expected to involve an amount of "burden sharing'', which means that bondholders in the bank could be expected to shoulder some of its losses. The bondholders in question are not likely to be those holding senior bonds in the company."

Der Absatz erklärt die derzeit tiefen Kurse der Anleihen. Sobald die Unklarheit gewichen ist dürften die Kurse deutlich anziehen, denn bei den LT2-Anleihen ist ein Ausfall im Prinzip nur bei einer Pleite möglich und rechtlich gibt es wohl keine Möglichkeit einer "Rasur". (Außer ein freiwilliger Umtausch/Verzicht von Anleihegläubigern)

Anglo Irish möchte Finanzierungs-Plattform werden

Artikel aus der Independent- Zeitung:

Anglo wants to become 'fund-raising platform'

By Emmet Oliver

Wednesday August 04 2010

Anglo Irish Bank can become a "fund-raising platform'' for the entire Irish economy and a key lender to Irish exporting companies, the nationalised lender has claimed to investors.

In an update for bond investors, the bank said Ireland faces a "growing fund gap'' with deposits hard to attract and international banks wary of providing wholesale funding.

Into that gap Anglo can be of some use, suggests the update. "Anglo's funding platform provides the ability to raise retail, corporate and wholesale funding domestically and internationally,'' said the bank in a document sent out to investors in June. In terms of what the bank can offer to industry, the lender said: "Anglo will continue to offer tailored corporate banking services to help Irish companies -- especially key development industries and the export sector.''

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