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Thread: UK gov wants to 'swap' Ulsterbank for Nama's UK assets

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    Politics.ie Member seabhcan's Avatar
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    Default UK gov wants to 'swap' Ulsterbank for Nama's UK assets

    BBC News - Ulster Bank: Treasury looks at Irish takeover possibility

    The UK gov is exploring the idea of giving Ulster Bank to the Irish state in exchange for Nama's UK based assets.

    Mr Peston said that one idea raised is to "transfer Ulster Bank into the arms and ownership of the Irish government", by swapping all or part of the bank for the British loans and investments currently owned by Ireland's "bad bank", the National Asset Management Agency (Nama).

    Nama manages problem debts on behalf of the Irish government.

    Northern Ireland finance minister Sammy Wilson said that Ulster Bank needed to be "divided up into a good bank and a bad bank".

    However, he said there were "other options" apart from an Irish government takeover and that he wished to discuss these with the Treasury and the Northern Ireland enterprise minister Arlene Foster on Tuesday.

    "Whether or not letting the Irish government take it over is the correct way of dividing the bank up is another matter," he added.
    Seems like a bad deal on the face of it.

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    Politics.ie Member odlum's Avatar
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    The Brits are trying to pull a fast one there.

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    Politics.ie Member seabhcan's Avatar
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    Quote Originally Posted by odlum View Post
    The Brits are trying to pull a fast one there.
    Perhaps if they pay us to take it.

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    Politics.ie Member Sync's Avatar
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    Quote Originally Posted by seabhcan View Post
    Seems like a bad deal on the face of it.
    Explain how it's a bad deal on the face of it? Have you seen the deal? Isn't the calculation of the value of Ulster Bank vs the value of NAMA assets we swap for it the deal? If we get Ulster bank with say €1 billion in total assets in exchange for €500 million of NAMA assets then is that a bad deal?
    I'm living in America, and in America, you're on your own. America's not a country. It's just a business. Now f***ing pay me.

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    Politics.ie Member sport02's Avatar
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    Quote Originally Posted by seabhcan View Post
    BBC News - Ulster Bank: Treasury looks at Irish takeover possibility

    The UK gov is exploring the idea of giving Ulster Bank to the Irish state in exchange for Nama's UK based assets.



    Seems like a bad deal on the face of it.
    Tell them to throw in the six counties and they got themselves a deal.

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    Politics.ie Member Lempo's Avatar
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    Quote Originally Posted by sport02 View Post
    Tell them to throw in the six counties and they got themselves a deal.
    Try to throw in a mention of "Ulster banks" into the document.

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    Politics.ie Member Eire1976's Avatar
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    Quote Originally Posted by sport02 View Post
    Tell them to throw in the six counties and they got themselves a deal.
    If tens of thousands of loyalists have mortgages with UB, when the Irish Government takes over will they pay?

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    Politics.ie Member Happytolearn's Avatar
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    How does Ulster Bank rate in the 'we're fooked' scale? Are its balance sheets more or less healthy than those of AIB, BOI and the others?
    I'm a better man now than I was that day

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    Politics.ie Member Rural's Avatar
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    Quote Originally Posted by Happytolearn View Post
    How does Ulster Bank rate in the 'we're fooked' scale? Are its balance sheets more or less healthy than those of AIB, BOI and the others?
    Their computer system wasn't exactly up-to-scratch last year.

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    Quote Originally Posted by Happytolearn View Post
    How does Ulster Bank rate in the 'we're fooked' scale? Are its balance sheets more or less healthy than those of AIB, BOI and the others?
    Ulster Bank is the worst performing piece of the the UK's worst performing, now nationalised bank.

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