Ireland's notification to the European Commission

[gavinsblog]

From a document released to Joan Burton under an FOI. It appears as though planned redactions in the document were not implemented.


"Anglo Irish Bank is a focused business bank with a private banking arm. The Bank provides business banking, treasury and wealth/management services. It is not a universal bank and its stated strategy is niche rather than broad market. Each of its customers deals directly with a dedicated relationship manager and a product specialist."

Yet in the same breath we are told the Anglo is of systemic importance. So which is it?

Ireland’s notification to the European Commission – The Story

[Wakeupcall]

Whatever BS stops the riots as usual... So both most likely...

[slx]

Hopefully someone at the European Commission or ECB sees this stunt for what it is!!

[The Caped Cod]

From a document released to Joan Burton under an FOI. It appears as though planned redactions in the document were not implemented.


"Anglo Irish Bank is a focused business bank with a private banking arm. The Bank provides business banking, treasury and wealth/management services. It is not a universal bank and its stated strategy is niche rather than broad market. Each of its customers deals directly with a dedicated relationship manager and a product specialist."

Yet in the same breath we are told the Anglo is of systemic importance. So which is it?

Ireland’s notification to the European Commission – The Story

Both I'd imagine, as the system is run for the benefit of the "niche rather than broad market".

[Libero]

Yet in the same breath we are told the Anglo is of systemic importance. So which is it?

It depends what system you have in mind.

[adrem]

It doesn't say it isn't of systemic importance.

The problem with Anglo (and to be clear I am firmly in the wind it down in an orderly manner camp) is that although it is a niche player, that niche was property and it was huge for a period of time. The collapse of Anglo in an unorderly fashion could (potentially at least) have led to the collapse of AIB/Bank of Ireland because of the inter-relatedness of the loan books. Hence the NAMA is taking over significant amounts of performing loans - because it is practically impossible to disentangle the performing ones from the non-performing ones with the level of cross-collateralisation and multiple personal guarantees involved.

If Anglo had been standalone, with standalone loans and deposits not linked in to the other banks then it could have been allowed collapse - it wasn't so it had to be rescued and managed to orderly closure. I know it's tough on the "ordinary" workers in there but I don't expect Anglo to exist post the set up of NAMA (ie post 2010).

[Eamonn20Bn]

From a document released to Joan Burton under an FOI. It appears as though planned redactions in the document were not implemented.


"Anglo Irish Bank is a focused business bank with a private banking arm. The Bank provides business banking, treasury and wealth/management services. It is not a universal bank and its stated strategy is niche rather than broad market. Each of its customers deals directly with a dedicated relationship manager and a product specialist."

Yet in the same breath we are told the Anglo is of systemic importance. So which is it?

Ireland’s notification to the European Commission – The Story

Lenihan is a serial fibber. It suited him to tell us at that time that it was systemic.

[Libero]

but I don't expect Anglo to exist post the set up of NAMA (ie post 2010).

Have you seen Ireland's note to the Commission?

The one that went with the €1.5bn in capital for Anglo?

The one that was meant to be 'redacted' but wasn't, and we see instead where the Department wanted to censor it?

Y'know the subject of this thread?

Because it strongly infers that the authors see a return to lending for Anglo Irish Bank.

However, given the requirement to prepare a restructuring plan within a six month period as part of the recapitalisation initiative, future changes in the business model and strategic direction of Anglo Irish Bank are likely to bring about a closer alignment between the lending activities of the Bank and the credit needs of the real economy. As a result it is anticipated that in-time further elements of the credit package will become applicable to Anglo Irish Bank accordingly.

The idea of Anglo being nursed back to lending life might sound outlandish and outragreous. But we are talking about the current government and Department of Finance. Anything is possible.