Category Archives: Finance

NAMA and the Master SPV

NAMA is rather complicated. And so is its ownership structure. One would think NAMA would publish their company documents on their website – but they don’t. It is afterall an interminably opaque organisation. To remedy at least a part of this, I am publishing the company accounts of all NAMA related companies – firstly and… Read More »

NAMA appoints receivers

Some interesting yuletide notices from Iris Oifigiul: COMPANIES ACTS 1963-2009 NOTICE OF APPOINTMENT OF A RECEIVER PADDY BURKE (BUILDERS) LIMITED (In Receivership) Notice is hereby given that on 21 December, 2010, the National Asset Management Agency (‘‘NAMA’’), under powers conferred upon it by the National Asset Management Agency Act 2009 (the ‘‘NAMA Act’’) and Indentures… Read More »

Anglo Irish Bank – related companies

This is a list of over 1,000 Anglo Irish Bank subsidiaries or related companies, with a path of minimum 25.01% of control – known shareholders. Most of the companies are British registered, and can be up to 9 times removed from the parent (ie – subsidiaries of subsidiaries of subsidiaries and so on). If you… Read More »

Central Bank emergency lending soars to €44.67bn

A follow up from myself and Lorcan’s post last month on how much liquidity the Irish Central Bank is providing to Irish banks. November data has just been released and the figures are stark, a jump from €34bn in October to €44.67bn in November: Of course that’s not the only story. Lending to euro area… Read More »

The €7.9bn bond purchase

Last month Anglo confirmed that it had repaid €7.9bn in bonds at the end of September. According to the Irish Independent: Banking sources yesterday stressed that there was never any question of Anglo not repaying the debt that fell due in September, since the bank is legally obliged to pay government-guaranteed debt. The Department of… Read More »

Extend and pretend policy confirmed

I’ve not seen any official acknowledgment that Anglo’s (and indeed to a greater extent NAMA’s) policy is one of delay and pray, otherwise known as extend and pretend, until today. Speaking at an event in New York two weeks ago, Anglo’s US head said: “Extend and pretend… it’s actually been the right strategy,” Garrett Thelander,… Read More »

Quotes of Brian Lenihan

Periodically updated as per submissions. Add to the post by submitting it via the comment box below or emailing them to mark[@]thestory[.]ie (remove the brackets). Please provide a link to cite your source. Updated in November 2010 here, which is the post cited by Vincent Browne in his Irish Times column. Quotes from Brian Lenihan since… Read More »

More Anglo Irish Bank subsidaries

Here are more to add to the long list (some have been mentioned before), and it is worth noting all of these companies are subject to the Ethics in Public Office Act: Anglo Irish Bank Limited Anglo Irish Assurance Company Limited Anglo Irish Corporate Bank Limited Anglo Irish International Finance Anglo Irish Asset Management Limited… Read More »

Central Bank Commission appointees

Also worth noting was this: As provided for in legislation, the terms of office of the first appointees will vary in length in order to ensure that future vacancies on the Commission will be staggered. The appointees and their terms of office are as follows: Professor John Fitzgerald (5 years) Mr. Max Watson (5 years)… Read More »

'Where we are'

The disconnect between the media and the markets in the last week or so has perturbed me. The coverage in the days following the bond auction last Tuesday gave the impression that all was well after investors ‘queued up’ to buy our bonds, as if such an event could only be positive. Some Sunday commentators… Read More »