What did Brian Cowen know about Anglo and when did he know it?

[DCon]

Simulated dialogue:

BC: Fair f*cks to you Seanie, Bert told me you were some f*ing cowboy but I had no f*ing idea what class of a f*in cowboy I was f*ing with. I can't believe you got that f*ing idiot q* to buy in as well, I thought he had some f*ing cop on.

SF: thank you minister. Another glass of sancere?

BC: Oh all right. But lets's all go for a few pints later, OK?

SF: yes, minister.

BC: And by the way, Seanie, if I guarantee the systemic Irish banks at some point, should I include Anglo?

SF: Oh definitely, we are as systemic as it gets.

BC: Sound

[LDF]

Senator Eugene Regan has already raised concerns about Cowen's relationship with Anglo. I'd expect him to step this up a gear or two over the next couple of weeks (ahead of the €7bn recap of Anglo).

Senator Regan usually gets his man.

[Furze]

I'm sure the Gardai asked Seanie this during their recent chat.

[Aristodemus]

I don't think that even now that Cowen knows the extent of the problem. As for Lenihan I have just given up on that cretin.

[Malbekh]

Anybody got an idea on how much Anglo is going to cost us?

€4b so far.
Then recapitalisation following recent losses €8b (minimum)
Then 40% mark down on €36b being transferred into NAMA €14b

So that's €26b.

Shouldn't Brian Lenihan be resigning at this stage?

[tonic]

Anybody got an idea on how much Anglo is going to cost us?

€4b so far.
Then recapitalisation following recent losses €8b (minimum)
Then 40% mark down on €36b being transferred into NAMA €14b

So that's €26b.

Shouldn't Brian Lenihan be resigning at this stage?

You're counting the same losses twice and not allowing for the 2 billion (so far) that Anglo has saved through bondholder write off.

We're at 10 billion in total after the next and hopefully last recap.

[I'mVeryGladYouAskedMeThat]

Senator Regan usually gets his man.

[Dreaded_Estate]

You're counting the same losses twice and not allowing for the 2 billion (so far) that Anglo has saved through bondholder write off.

We're at 10 billion in total after the next and hopefully last recap.

It isn't valid to include the sub bond buy back. The losses are after the accounting profits made on these deals therefore if we put in €12bn we have lost €12bn.

Are you including losses from the €10bn from the master loan repurchase agreement that are unlikely to be repaid in full?

[An Gilladaker]

Anybody got an idea on how much Anglo is going to cost us?

€4b so far.
Then recapitalisation following recent losses €8b (minimum)
Then 40% mark down on €36b being transferred into NAMA €14b

So that's €26b.

Shouldn't Brian Lenihan be resigning at this stage?

Yes but that aint going to happen the developers and bankers have to be saved first and Lenihan wants to do that before he gives up

[tonic]

It isn't valid to include the sub bond buy back. The losses are after the accounting profits made on these deals therefore if we put in €12bn we have lost €12bn.

Are you including losses from the €10bn from the master loan repurchase agreement that are unlikely to be repaid in full?

My reply was to "what will Anglo cost us", not how much has Anglo lost and in that context it is perfectly valid to include the bond buy back as it saves us money on recap.