Andras's Feed
Sep 30, 2010

Irish face years of pain from mammoth bank cleanup

DUBLIN (Reuters) – Ireland revealed it faces a bill of up to 50 billion euros ($68 billion) to clean up its banks, equating to over 11,000 euros per head of a recession-weary population already reeling from savage government cutbacks.

Unveiling the latest in a string of bank bailouts, Finance Minister Brian Lenihan promised on Thursday that Ireland had arrived at the endgame for dealing with massive property losses but warned years of pain lay ahead for taxpayers.

Sep 30, 2010

Irish bank bailout cost may top 50 billion euros

DUBLIN (Reuters) – Ireland, warning its recession-weary people to prepare for more austerity, revealed on Thursday a mammoth worst-case price tag of over 50 billion euros (43 billion pounds) to clean up its banks.

Finance Minister Brian Lenihan, estimating it could cost the state up to 34 billion euros just to wind down stricken Anglo Irish Bank, insisted loss projections would not rise further and that the government had entered the final phase of working out a plan to deal with banks’ bad property loans.

Sep 30, 2010

Ireland faces mammoth bank bill, to redraft budget

DUBLIN (Reuters) – Ireland put a 34 billion euros ($46 billion) price on bailing out stricken Anglo Irish Bank ANGIB.UL under a worst case scenario, prompting the government to promise on Thursday a new four-year budget plan in November.

Finance Minister Brian Lenihan said additional efforts were required to get the deficit below 3 percent of GDP by 2014 after Ireland’s regulator said nationalized Anglo Irish Bank ANGIB.UL, Allied Irish Banks (ALBK.I: Quote, Profile, Research, Stock Buzz) and building society Irish Nationwide all needed additional capital.

Sep 30, 2010

Ireland puts up to £29 billion price on Anglo Irish

DUBLIN (Reuters) – Ireland’s central bank has put a 34 billion euro (29 billion pound) price on bailing out stricken Anglo Irish Bank under a worst case scenario and said Allied Irish Banks needs to raise an additional 3 billion euros by the end of the year.

The government will announce later on Thursday plans to recapitalise Allied Irish Banks, the central bank said. Dublin already has a near 19 percent stake in the lender.

Sep 30, 2010

Ireland puts up to 34 bln euros price on Anglo Irish

DUBLIN, Sept 30 (Reuters) – Ireland’s central bank has put a
34 billion euro price on bailing out stricken Anglo Irish Bank
[ANGIB.UL] under a worst case scenario and said Allied Irish
Banks (ALBK.I: Quote, Profile, Research, Stock Buzz) needs to raise an additional 3 billion euros by
the end of the year.

The government will announce later on Thursday plans to
recapitalise Allied Irish Banks, the central bank said. Dublin
already has a near 19 percent stake in the lender.

Sep 28, 2010

Ireland rattled by ratings agency warnings

DUBLIN (Reuters) – Ireland’s borrowing costs hit a record high Tuesday after two credit rating agencies warned its debt is at risk of further downgrades, compounding political jitters over a budget that could break a shaky government.

Ireland is battling to convince investors it can afford to rescue its stricken banking sector and cut the biggest budget deficit in the European Union, given a weak economy and growing risks of a political crisis.

Sep 28, 2010

Rating agency warnings deepen Irish crisis

DUBLIN, Sept 28 (Reuters) – Two more credit rating agencies
warned Ireland on Tuesday that its debt is at risk of further
downgrades, triggering another leap in borrowing costs and
heaping pressure on the government to bring forward its budget.

Ireland is battling to convince investors it can afford to
shore up its banking sector and cut the biggest budget deficit
in the European Union, given its weak economy and growing risks
of a political crisis.

Sep 28, 2010

S&P warning deepens Irish crisis

DUBLIN (Reuters) – Standard & Poor’s warned on Tuesday it may cut Ireland’s credit rating again due to the rising cost of recapitalising nationalised Anglo Irish Bank, pushing Dublin’s borrowing costs to fresh peaks.

Ireland is battling to convince investors it can afford to prop up its ailing banking sector and cut the biggest budget deficit in the European Union in the face of a faltering economy and growing risks of a political crisis.

Sep 28, 2010

S&P warning deepens Irish political, fiscal crisis

DUBLIN, Sept 28 (Reuters) – Standard & Poor’s warned on
Tuesday it may cut Ireland’s credit rating again due to the
rising cost of recapitalising nationalised Anglo Irish Bank
[ANGIB.UL], pushing Dublin’s borrowing costs to fresh peaks.

Ireland is battling to convince investors it can afford to
prop up its ailing banking sector and cut the biggest budget
deficit in the European Union in the face of a faltering economy
and growing risks of a political crisis.

Sep 27, 2010

Moody’s cuts Anglo Irish ratings, cites debt concern

DUBLIN, Sept 27 (Reuters) – Credit agency Moody’s slashed
some debt ratings on Anglo Irish Bank [ANGIB.UL] on Monday,
saying there was a risk Dublin might default on lower-grade
loans issued by the nationalised lender.

As the government prepared to reveal the final cost of
rescuing a bank whose soured property deals have crippled the
economy, Finance Minister Brian Lenihan reiterated both the
country and its financial institutions would “honour their
obligations”.