IL&P to ditch the P?

[Outlander]

This from todays SINDO

IL&P faces tough grilling - Irish, Business - Independent.ie

4. In 2008, Permanent TSB took an €82m bad debt charge on its customer loan book, up more than five-fold on the 2007 figure of just €16m. However, even this increased figure represents a miniscule 0.2 per cent of its total €40bn loan book. With all of the other Irish institutions having written down far larger proportions of their loan books just how realistic was the 2008 Permanent TSB bad debt provision?
5. Permanent TSB is still massively over-dependent on wholesale funding, with loans from other banks representing 67 per cent of its total loan book.
This is by far the highest level for any Irish bank.
With the unconditional government guarantee of bank deposits and bonds set to expire in September 2010, how does the board propose to reduce Permanent TSB's dependence on wholesale funding?

And this from Reuters

Irish Life to unveil new holding structure-source | Industries | Financial Services & Real Estate | Reuters

DUBLIN, May 10 (Reuters) - Irish Life & Permanent ([COLOR=#0000ff]IPM.I[/COLOR]) will announce this week the creation of a new holding company to house its banking and life insurance businesses, a source familiar with the matter told Reuters on Sunday.

"The company will clarify its position with respect to it corporate structure," said the source, who declined to be named because the changes will be presented at the group's annual general meeting on Friday.

Irish Life declined to comment.

This has been coming for a while. The scale of the problems in the P have been masked by IL. Looks like there will be another very naughty bank let loose on the street and the pee will be taken.

The only question is who would be daft enough to buy such a bucket of pee and take it off their hands?

However if the worst of the pee was taken over by NAMA then the P would have some residual value and might find a buyer.

[Factorem]

It's all those Irish Life pension holders is what the government really fear.

[politicaldonations]

Interesting to see Irish bank shares haven risen up to tenfold over past few months. A little birdie told me that (in his opinion)Friends of FF have made serious money on this bounce. Would be interesting to see who bought shares and options and placed bets on the spread betting indicies. Someone risking a 100k could have a million or more by now if they had inside info.

[an asal]

Never mind ditching the P, what needs ditching is G Bowler and the board.

[manicstreetporter]

Never mind ditching the P, what needs ditching is G Bowler and the board.

Big Time. Watch out for a another soft soap interview with GB on the Marian "Golden Circle/Mespil Road Flats" Finucane coming shortly too.

[Anorakphobia]

Best of luck to IL, a lot of good people in there and always was, most of whom never wanted next or near banking but bullish career banker David Went was always going to get his way. Went is anoter person who got out in the nick of time but not before he did an Ahern on it and annointed a travel agent to the post of chairman of a multi billion bancassurrer.

Bad news for Sean Quinn if IL go back to basics, they have talent and acumen to see Quinn off especially with a flight to quality in all areas of financial services likely.