Anglo Irish Bank - Share price crash

mickW_2 · 14 November 2008 at 11:25PM

Noticed that the Anglo Irish Bank share price crashed today to 1.29 Euros from just under 2. Having read the Fitch and other ratings I'm so glad I took all my dosh out a month ago. Bank of Ireland dont look very healthy either. How can the Irish Government guarantee billions of Euros. Another Iceland coming up. Trouble is the UK wont be bailing the depositors out this time.

gunnaknow · 14 November 2008 at 11:53PM

Oh dear, I sent my application form and cheque off to them today. Does anyone know if any news in particular caused their shares to dive today? Their fitch rating isn't too bad, except for their support rating.

http://www.fitchratings.com/corporate/ratings/issuer_content.cfm?issr_id=80359701&grp_typ_id=4&mm_id=&sector_flag=3&marketsector=1&detail=

evenasus · 14 November 2008 at 11:57PM

gunnaknow wrote: »

Oh dear, I sent my application form and cheque off to them today.

You could always stop the cheque.;)

gunnaknow · 15 November 2008 at 12:03AM

Yes, I could. They won't recieve it until monday. I've applied for a 9 month deal, without the option of making withdrawals. Should I or shouldn't I stop the cheque? Hmmmm, I need more to go on.

soulsaver · 15 November 2008 at 12:35AM

Investor jitters before results in December - bad day for Irish financials all round apparently - but AI worst
http://www.irishtimes.com/business/markets/1226408680774.html

Here's my view on compensation
a) If AI rocks the Irish Treasury would bale it - a la Northern Rock over here.
b) If they decide not to then they honour compensation to a level they can (prob 100k euro per account) and kiss tara to the Irish banking sector- mass exodus.
c) If they can't honour minimum compensation UK gov will compensate as guarantor of last resort- thats a personal view not stated anywhere officially - so DYOR
Or d) European Central Bank would cover 100keuro
But let's hope the theory ain't tested 'cos even if 'good' sounds like a long process.... and is a total disaster for the Irish Banking system and the wider Irish economy.

gunnaknow · 15 November 2008 at 1:00AM

The only things that I can think of for this drop of 32% in share prices is the fact that the Bank Of Ireland's first half results were released yesterday. It reveals a 32% drop in their profits and Standard & Poor's have placed it's A+ long term credit rating on creditwatch, with negative implications. Notice how the 32% drop in Anglo's share price matches exactly the amount that the Bank Of Ireland's first half profits fell by.

http://www.alacrastore.com/storecontent/spcred/683378
http://www.rte.ie/business/2008/1114/boi.html

eeja · 15 November 2008 at 2:29AM

gunnaknow wrote: »

Oh dear, I sent my application form and cheque off to them today. Does anyone know if any news in particular caused their shares to dive today? Their fitch rating isn't too bad, except for their support rating.

http://www.fitchratings.com/corporate/ratings/issuer_content.cfm?issr_id=80359701&grp_typ_id=4&mm_id=&sector_flag=3&marketsector=1&detail=

I would not worry. The shares were E.98 earlier this year.
The point is your savings are 100 percent guaranteed by the Irish State.
Being part of the Eurozone, the Irish state has the full backing of the European Central Bank
YOU SHOULD HAVE NO WORRIES AT ALL ON THE SAFETY OF YOUR SAVINGS

gunnaknow · 15 November 2008 at 2:58AM

Yes, I know eeja but my concern is regarding the possibility of losing months of interest if they do go bust and I have to be compensated.

ed123_2 · 15 November 2008 at 3:13AM

....but your lost cheque does not makeoff a bank failure makeoff...per your previous postoff......~<:-)...

gunnaknow · 15 November 2008 at 4:27AM

Could you rephrase that into something more comprehensible please?

gvlewis · 15 November 2008 at 9:33AM

I've got an Anglo Irish fixed rate too.

However, I'm not that bothered. If the bank does go belly up, I should get my capital back. As for the interest - well its not that big a sum and I wouldn't think the bank would be allowed to fail anyway. The risk is small.

Bear in mind it is also much harder to get a good fixed rate now.

Anglo Irish Bank - Share price crash

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