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Thread: EU Commission Gives 21 billion of Irish Peoples Money to AIB: Noonan Planning a Fire Sale ?

  1. #16
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    Default Re: EU Commission Gives 21 billion of Irish Peoples Money to AIB: Noonan Planning a Fire Sale ?

    I'd love to know why they want to sell just as the banks become profitable again. Why not sit on the bank shares until we've made 21 bn, then flog the bank?
    "The floggings will continue until morale improves "

  2. #17
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    Default Re: EU Commission Gives 21 billion of Irish Peoples Money to AIB: Noonan Planning a Fire Sale ?

    Quote Originally Posted by morticia View Post
    I'd love to know why they want to sell just as the banks become profitable again. Why not sit on the bank shares until we've made 21 bn, then flog the bank?
    Same reason they want to sell water off to the oligarchy ?
    “ We cannot withdraw our cards from the game. Were we as silent and mute as stones, our very passivity would be an act. ”
    — Jean-Paul Sartre

  3. #18
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    Default Re: EU Commission Gives 21 billion of Irish Peoples Money to AIB: Noonan Planning a Fire Sale ?

    There is no bl00dy logic to any of this. Except that FG are ideological right wing idiots. FF would have at least succeeded in long fingering it all for as long as possible; they weren't as keen on the Thatcherite privatisation religion.

    I live in hope that SF is also anti-sell off. Anyone know?? Obviously most of the Inds too.
    "The floggings will continue until morale improves "

  4. #19
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    Default Re: EU Commission Gives 21 billion of Irish Peoples Money to AIB: Noonan Planning a Fire Sale ?

    I don't trust anyone now - Morticia. And FF/PD flogged everything that wasn't nailed down while they could. McCreevy moved so far to the right he was almost invisible but not, alas, inaudible.

  5. #20
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    Default EU Commission Gives 21 billion of Irish Peoples Money to AIB: Noonan Planning...

    McCreevy was a PD in all but name, and was hugely responsible for the over inflation of the property bubble.

    I'm hoping after economic Armageddon, that they might have had the PDitis beaten out of them.
    Hopefully privatisations are also anti-ideology for SF and Others as well.

    Not really good at trusting politicians either, but the current political spectrum has no one to the right of FG...
    "The floggings will continue until morale improves "

  6. #21
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    Default Re: EU Commission Gives 21 billion of Irish Peoples Money to AIB: Noonan Planning a Fire Sale ?

    Everybody from the Socialists to Independent Left, to the self styled radical centrists like Donnelly and Shane Ross to the Loony PD Catholic Nuas(or 'Fundamentalist right' as Ross the 'reformed centrist' calls them) asked Michael D for a referendum, having failed to realise or more likely, ignored the reality that once the Seanad's Gerrymandered members caved in, there was no legal possibility of same.

    Politicians in Ireland are what they need to be. Are people seriously telling me Fidelma Hames or whatever and Lucinda's gang would oppose privatisation? Of course they wouldn't and we know this. The rest of the signatories may have been genuine but they ignored the Bunreacht when petitioning the Áras, though they have a right to petition whoever on whatever.

    Comparisons to FF are delusional to be honest. Look at where Cowen is now and that's where FF are going to be. They are just ignored now because they cannot do anything for their former mates.
    Last edited by Apjp; 29-12-2014 at 01:06 AM.

  7. #22
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    Default Re: EU Commission Gives 21 billion of Irish Peoples Money to AIB: Noonan Planning a Fire Sale ?

    You're right; I had forgotten Lucinda and co. Ltd.

    Well, I guess I'll put privatisations on the list of things to give canvassers of all parties a hard time about.

    I hate to be optimistic, but it's highly unlikely the right wing vote will increase at the next GE, surely??
    "The floggings will continue until morale improves "

  8. #23
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    Default Re: EU Commission Gives 21 billion of Irish Peoples Money to AIB: Noonan Planning a Fire Sale ?

    Goldman Sachs International appointed as financial advisors for capital restructuring and other related matters in relation to State investment in AIB

    • This appointment follows a competition in December involving all of the Lot 1 members of the Department’s financial advisory panel which was established in October following a public procurement process.

    The Department of Finance has appointed Goldman Sachs International to provide financial advice to the Department on potential capital restructuring actions and other related matters with respect to the State's investments in AIB. This appointment has been made following a mini tender competition in December involving all of the members of Panel 1 of the Department's financial advisory panels which were constituted following an open procurement procedure in October 2014. Commenting on the appointment the Minister stated: "Given the significant progress made by AIB in 2014 and the expectations for 2015 my officials are engaged in discussions with the bank's management team to explore how best to reconfigure the bank's capital structure to make it fit for purpose and agree a roadmap that will see the bank begin to return cash to the State. While no decisions have been taken regarding a reduction of the State's ownership in the bank at this time, the delivery of a work programme around capital structure during 2015 is an essential prerequisite for any future decisions in that regard. Given the significant size of our AIB investments and the range of options available to us to recoup value, my officials and their financial adviser are focused on ensuring that the optimum decisions are made regarding potential capital restructuring options and sequencing in order to maximise the ultimate return from these investments to the State over time." Ends 12 January 2015

    Notes to Editors
    How was Goldman selected? All members of Lot 1 were invited to tender and submit a written presentation covering their credentials, team members for the assignment and various questions relevant to AIB along with a fee proposal. All applicants were then invited to present to SMU and respond to questions on their proposal. At the end of the process, Goldman scored the highest marks and was therefore appointed following negotiation of their engagement letter.

    What will Goldman do?
    Officials from DoF are in discussions with AIB about the right size and shape of their capital structure. Determining what to do with the Preference Shares and CoCos is complex but a prerequisite to any return of cash to the State. It also is a prerequisite to receiving any cash from a sale of equity. Goldman will provide advice on the optimum capital structure to ensure that the bank is appropriately capitalised so as to maximise value for the taxpayer. Decisions in relation to the bank’s capital structure will also address AIB’s very large number of shares in issue.

    Why is this happening now?
    Following the recent ECB Comprehensive Assessment the Single Supervisory Mechanism (SSM) took over supervisory responsibilities for AIB in November. This milestone event, combined with AIB’s improved financial performance in 2014 and the approval by DG Comp of its Restructuring Plan means that the State and the bank can now start examining methods of returning cash to the State. Officials within the Department are engaged on this but it makes good sense, in process terms, to have an internationally renowned financial adviser on board to assist and provide additional expertise.

    Does this mean that AIB will be IPO’d in 2015?
    No. There is a considerable amount of work to be done relating to the capital structure and a range of other matters to make AIB’s balance sheet fit for purpose in the new regulatory environment. This is all a prerequisite to any decision to sell a stake in the bank. Who is advising AIB? That is a matter for AIB. Almost €21bn was invested in AIB. How much of this will taxpayers get back? Over time, we expect to get all of this investment back.
    Really ?

    And why do we need to sell, if this is a potentially beneficial holding for the Irish government ? What about our investment bank ?
    Last edited by C. Flower; 12-01-2015 at 10:13 AM.
    “ We cannot withdraw our cards from the game. Were we as silent and mute as stones, our very passivity would be an act. ”
    — Jean-Paul Sartre

  9. #24
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    Default Re: EU Commission Gives 21 billion of Irish Peoples Money to AIB: Noonan Planning a Fire Sale ?

    Quote Originally Posted by C. Flower View Post
    Goldman Sachs International appointed as financial advisors for capital restructuring and other related matters in relation to State investment in AIB



    Really ?

    And why do we need to sell, if this is a potentially beneficial holding for the Irish government ? What about our investment bank ?
    A letter to the Irish Times Jan 15 suggests that Goldman Sachs is working "pro bono" on this. Surely not in the sense of without fees ?

    No free lunches coming from that quarter - no tender should be submitting a zero fee - the fee should be one at which it is feasible to do the job properly - it would disqualify them in my view as a legitimate contender.

    Gerry Adams has made it clear that Sinn Fein has no objective for the banks to be retained in public ownership. He has been pressed on it a number of times, but was clear enough in an RTE interview today.
    “ We cannot withdraw our cards from the game. Were we as silent and mute as stones, our very passivity would be an act. ”
    — Jean-Paul Sartre

  10. #25
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    Default Re: EU Commission Gives 21 billion of Irish Peoples Money to AIB: Noonan Planning a Fire Sale ?

    Noonan said today that he may sell 25% of AIB.

    Mary Wilson (RTE Drivetime) mentioned the billions of public money pumped in to AIB and asks if it will be recouped.

    Good question.
    “ We cannot withdraw our cards from the game. Were we as silent and mute as stones, our very passivity would be an act. ”
    — Jean-Paul Sartre

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