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Thread: Anglo PwC Report & Government statement

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    Default Anglo PwC Report & Government statement

    The report is here.

    Ministerial Statement on the Publication of PricewaterhouseCoopers Report

    The document released this evening by the Minister for Finance, Mr. Brian Lenihan T.D., represents extracts from a series of reports on Anglo Irish Bank prepared by Pricewaterhouse Coopers for the Financial Regulator.

    The Minister noted that this work together with advice and reports received from the Central Bank, Financial Regulator, NTMA, legal and financial advisors and others was a key input into policy making over the past months.

    The Minister said that in view of the fact that Anglo Irish Bank is in public ownership, there is an important public interest in publishing this document. It contains as much information as possible given the legal constraints and the need to maintain client bank confidentiality, which is essential to maintain depositor confidence in the bank.

    The Report clearly demonstrates the Government was correct to guarantee the financial system last September at a time when financial market liquidity conditions were under severe pressure.

    The report deals with certain loan loss scenarios. These are not predictions but rather were intended to show how the bank’s loan book would perform under various stress conditions.

    As the Minister stated when Anglo Irish Bank was nationalised: “The Government has made clear that it will ensure its continued viability. Anglo Irish Bank will continue to trade normally as a going concern, with appropriate Government support within the EU Framework.”

    The Report is available on the Department of Finance website Home - Department of Finance - Government of Ireland
    Last edited by David Cochrane; 21st February 2009 at 01:29 PM.

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    Politics.ie Member Victor Meldrew's Avatar
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    Nothing to see here, move along now and wear the green Jersey....

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    Question

    We draw your attention to important comments regarding the scope and process of our work, immediately following this letter. We have not sought to update
    any of our findings since the completion of our fieldwork on 10 December 2008.

    WTF?????

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    Did Brian read all of this one? Or just the bits highlighted with a yellow pen?
    “A healthy social life is found only, when in the mirror of each soul the whole community finds its reflection, and when in the whole community the virtue of each one is living” R. Steiner

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    I think the bits to remove were marked with pen. The report is quite interesting, albeit difficult to get an executive summary of any kind. Although it points to South Dublin and Wicklow development in particular.

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    We have not carried out any work or made any enquiries of Anglo’s management since 10 December 2008 being the
    date on which we completed our fieldwork on Phase III. The PwC Reports do not incorporate the effects, if any, of
    events and circumstances which may have occurred or information which may have come to light subsequent to that
    date. We make no representation as to whether, had we carried out such work or made such enquiries, there would
    have been a material effect on the PwC Reports. Further, we have no obligation to update, and we will not update, the
    PwC Reports nor do we have any obligation to notify you if any matters come to our attention which might affect the
    continuing validity of our comments or conclusions.
    Covering their posteriors. In an intersting way, it kind of reminds of of their evidence to the tribunal on all the reports by them commissioned by Bertie on in various accounts. In each case they stated "we only summarised the account based on information provided by our client".
    “A healthy social life is found only, when in the mirror of each soul the whole community finds its reflection, and when in the whole community the virtue of each one is living” R. Steiner

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    It would not surprise me if the golden circle are all in it but as they were not highlighted, Lenihan skipped over it.

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    Top 15 loans in excess of €500m each?

    Ouch.

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    Quote Originally Posted by nuj View Post
    Top 15 loans in excess of €500m each?

    Ouch.
    That tripped out of the report quiet innocently.
    Consider that the Irish glass site has had its value knocked down by60%
    What would that suggest for some of these loans?
    Didn't see too many details of what loans were serured with either.
    Its only a chat, we ain't the world council.

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    At 30 September 2008 the Bank had €9.9 billion of exposures across the top 10
    Financial Institutions. All exposures are to EU banks with ratings of A- or above.
    Double ouch.
    “A healthy social life is found only, when in the mirror of each soul the whole community finds its reflection, and when in the whole community the virtue of each one is living” R. Steiner

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