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Anglo Irish Bank - Why have they increased 1 yr bond to 5.75%
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The difference is that Irish UK residents can vote in national elections, UK residents of other EU countries can't. Both groups can vote in European and local elections.0
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The difference is that Irish UK residents can vote in national elections, UK residents of other EU countries can't. Both groups can vote in European and local elections.
Exactly as I wrote ;
Other than British and Commonwealth citizens only our dear Irish brethren and ONLY our Irish Brethren can vote in Parliamentary elections.
The Irish are therefore greatly privileged and that right probably stems from the fact that Ireland was part of the British Isles and later as the
Free State , part of the Dominions until Devalera declared the Republic.
So PLEASE do not refer to our Irish neighbours as foreigners !!
ps...Sadly we Britsdo not have the vote at Irish pariamentary elections but that's a different issue !!0 -
Just to say that AIBs corporate paper is trading about 30 p to the pound. That's better than Kaupthing and Landsbanki (both in single figures per pound) but poor enough to suggest a real risk of having to actually apply for the Irish compensation scheme. having just been through nearly 2 months of uncertainty I won't be going anywhere near them.
Do Your Own Research etc0 -
Scottish_Icesaver wrote: »Just to say that AIBs corporate paper is trading about 30 p to the pound. That's better than Kaupthing and Landsbanki (both in single figures per pound) but poor enough to suggest a real risk of having to actually apply for the Irish compensation scheme. having just been through nearly 2 months of uncertainty I won't be going anywhere near them.
Do Your Own Research etc
that tells you there is a real risk that holders of AIBs corporate paper could lose all, as could equity holders , not the savers - ie a rescue of the bank could wipe out bond/equity holders, but leave savers completely unaffected - thats close to what happened with Northern Rock....0 -
Scottish_Icesaver wrote: »Just to say that AIBs corporate paper is trading about 30 p to the pound. That's better than Kaupthing and Landsbanki (both in single figures per pound) but poor enough to suggest a real risk of having to actually apply for the Irish compensation scheme. having just been through nearly 2 months of uncertainty I won't be going anywhere near them.
Do Your Own Research etc
Really interesting as the shares are still trading at 85 eurocents way off their low of 74 . Furthermore last night the Irish Finance Minister Lenihan had talks with the local banks about strengthening their asset base.
What I would like to know is where you saw these corporate bonds being traded as I have yet to come across them.
Thank you.0 -
The issuer is Lambay Capital Securities. I don't know too much about corporate bonds but my understanding is that it's quite common for companies to get outside issuers to look after bond issuance outside their home country. 12 months ago they were trading at 80p to the pound. A close family member has some.
My point wasn't that AIB savers didn't have a guarantee of compensation - I think they do have the 100% Irish goverment promise - but that having gone through nearly 2 months of uncertainty and stress over my Icesave money - now happily returned (well not really returned but compensated) that I won't be placing deposits with institutions that are either shaky or part of a foreign compensation scheme. AIB is shaky and I think part of a foreign compensation scheme.
The risks are low but the delays/worries not worth it for the extra interest in the current environment.0 -
Scottish_Icesaver wrote: »The issuer is Lambay Capital Securities. I don't know too much about corporate bonds but my understanding is that it's quite common for companies to get outside issuers to look after bond issuance outside their home country. 12 months ago they were trading at 80p to the pound. A close family member has some.
My point wasn't that AIB savers didn't have a guarantee of compensation - I think they do have the 100% Irish goverment promise - but that having gone through nearly 2 months of uncertainty and stress over my Icesave money - now happily returned (well not really returned but compensated) that I won't be placing deposits with institutions that are either shaky or part of a foreign compensation scheme. AIB is shaky and I think part of a foreign compensation scheme.
The risks are low but the delays/worries not worth it for the extra interest in the current environment.
These were not corporate bonds but preference shares !! Preference shares are in effect a half way house between shares and bonds and will only pay a dividend if profits are enough to cover it.
With so many mortgage defaults and negative equity no wonder these are trading at a hefty discount. See below and thanks for the info.
Anglo Irish Bank plc has raised £300 million of core Tier 1 Capital with an issuance of preference shares. The issuance was structured so as to permit investors to acquire perpetual Tier 1 pass-through securities reflecting the return on the preference shares. The issue was placed with over 40 United Kingdom and European financial institutions and pension funds. BNP Paribas SA and Barclays Capital acted as the lead managers and Lambay Capital Securities plc acted as issuer of the securities.0 -
can someone clarify what comp scheme anglo are covered under. on the main savings page it says its just covered by the irish scheme but the wording on anglos website is abit confusing. implies its covered by both?and if its covered by both how does that work?How are my deposits protected?
All UK deposits at Anglo Irish Bank benefit from protection under two deposit protection schemes; the Irish Deposit Protection Scheme and the UK Financial Services Compensation Scheme. Most banks regulated in the UK and Ireland are protected by either or both of these compensation schemes.
Our customers receive protection through the Irish Deposit Protection scheme up to €100,000 per individual depositor per bank.
Anglo Irish Bank Corporation plc is authorised by the Financial Regulator in Ireland and by the Financial Services Authority; regulated by the Financial Services Authority for the conduct of UK business. We also subscribe to the Banking Code and copies of the code are available on request, or from the BBA website. We are also members of both the Irish Deposit Protection Scheme and the UK Financial Services Compensation Scheme.0 -
can someone clarify what comp scheme anglo are covered under. on the main savings page it says its just covered by the irish scheme but the wording on anglos website is abit confusing. implies its covered by both?and if its covered by both how does that work?0
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so if the irish scheme couldnt pay u would still be covered by the uk one in full? its not like the passport scheme0
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