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Thread: Anglo Interim results - loss of €8.2bn, €8.58bn further capitalization needed

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    Politics.ie Member Dreaded_Estate's Avatar
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    Default Anglo Interim results - loss of €8.2bn, €8.58bn further capitalization needed

    Anglo Irish Bank Group - Interim Results 2010

    -Loss of €8.2bn
    -Further recapitalization of €8.58bn (total now €22.88bn)
    -Provisions of only 28% against remaining assets held for sale to NAMA

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    Politics.ie Member Fir Bolg's Avatar
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    Quote Originally Posted by Dreaded_Estate View Post
    Anglo Irish Bank Group - Interim Results 2010

    -Loss of €8.2bn
    -Further recapitalization of €8.58bn (total now €22.88bn)
    -Provisions of only 28% against remaining assets held for sale to NAMA
    Great news as usual from the cess pit that is Anglo.

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    Dukes will be on PK shortly to explain how good these figures are.

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    From the press release :

    Net interest income was €352m for the 6 months to 30 June 2010, down 59% compared to the six months ended 31 March 2009. The cost of funding, both for customer deposits and wholesale funding, increased materially during the period.
    I read that as the difference between interest received on assets and the interest paid on liabilities is €352M. Is that right ?

    I seriously hope these guys know what they are doing ..
    Redacted.

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    Politics.ie Member Squire Allworthy's Avatar
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    This is turning out to be a very expensive mistake.

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    Politics.ie Member JohnBlake's Avatar
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    Enough is enough.

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    Politics.ie Member Dreaded_Estate's Avatar
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    In approving the €8.58bn capital contribution of 30 June 2010, the European Commission also allowed for €1.47bn of additional capital support. The Bank expects that this additional capital will be required in the near term and that further capital support may also be required, the level of which will primarily depend on the discounts applied by NAMA on the full transfer of eligible assets.
    Pretty much confirming that €25bn isn't going to be enough

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    We will get worst of all worlds soon- closing it down when its is too late. But of course Brian Lenihan the saint,will be doing the "right thing".

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    Politics.ie Member HarshBuzz's Avatar
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    <awaits goosebump and tonic to tell us the good news>

    'cheapest bank bailout in the world', seems an aeon ago now

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    As Tonic said over on the S&P thread :

    "Wheeeeeee!"

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