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Thread: BOI sees losses of over €1.2 billion / Bank Guarantee Extended to Cover BoI UK

  1. #16
    Join Date
    Apr 2010
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    Default Re: BOI sees losses of over €1.2 billion

    So my question to you, why did they need to cover BOI or AIB (UK)?? It's totally unnecessary as it was the Irish banks who lend it recklessy especially in the area of property/ construction. I'm certain sure that their assets books (Ire not UK books) was very badly impaired which in turn depleted their capital base as per capital requirements.

  2. #17
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    Jul 2010
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    Default Re: BOI sees losses of over €1.2 billion

    Makes sense to me ... in a way:

    If their valued customers find out that their savings with subsidiaries of Irish Zombie banks aren't guaranteed, they'd get their money out in no time, the banks would loose viable business and the costs to keep these banks afloat would be even higher.
    Thus all which you call Sin, Destruction—in brief, Evil—that is my true element.

  3. #18
    Join Date
    Apr 2010
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    4,843

    Default Re: BOI sees losses of over €1.2 billion

    See here:http://www.thepropertypin.com/viewto...p?f=19&t=32519

    It's getting very interesting now. BOI (UK branch) was only set up last year and perhaps it was to deal with the rubbish stuff.

  4. #19
    Join Date
    Feb 2010
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    Default Re: BOI sees losses of over €1.2 billion / Bank Guarantee Extended to Cover BoI UK

    I'm not quite clear what has changed in terms of a Guarantee of BoI...?

    I may need to change the thread title.

  5. #20
    Join Date
    Mar 2010
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    15,318

    Default Re: BOI sees losses of over €1.2 billion

    Quote Originally Posted by ang View Post
    The guarantee has to go it has been a burden that this state can ill afford.
    Of course we can afford it. It's just a matter of deep enough cuts in the blind pension and teachers wages and shutting down a few bogger hospitals. See this is why we need to teach economics from primary level.

  6. #21
    Join Date
    Mar 2010
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    15,318

    Default Re: BOI sees losses of over €1.2 billion / Bank Guarantee Extended to Cover BoI UK

    Nice to see that we're subsidising British investors in BoI.

    http://www.irishtimes.com/newspaper/...299730651.html

    It will be a comfort to me when Portlaoise A&E closes to know that Mr. Kempster and his peers wont have to suffer for making bad investments.

  7. #22
    Join Date
    Mar 2010
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    heart of Europe
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    Default Re: BOI sees losses of over €1.2 billion / Bank Guarantee Extended to Cover BoI UK

    BOI are flogging some UK loans

    Bank of Ireland said it has agreed to sell a portfolio of UK infrastructure project finance loans, with total drawn and undrawn commitments of about €200 million.

    The bank said the loans will be sold to Aviva Special PFI LP, an investment vehicle established and managed by Aviva Investors, for a price of 81 per cent of their worth.
    http://www.irishtimes.com/newspaper/...reaking10.html
    Politics is the gentle art of getting votes from the poor and campaign funds from the rich, by promising to protect each from the other. ~Oscar Ameringer

  8. #23
    Join Date
    Mar 2010
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    22,431

    Default Re: BOI sees losses of over €1.2 billion / Bank Guarantee Extended to Cover BoI UK

    Her Majesty’s Revenue and Customs doesn't seem too keen on BOI's creative accounting.


    A British tax tribunal has rejected for a second time an attempt by Bank of Ireland (BoI) to avoid £27 million (€33 million) in corporation tax by transferring a financial contract between subsidiaries.
    Her Majesty’s Revenue and Customs (HMRC) said that BoI’s Bristol and West home mortgage subsidiary’s attempt to use a loophole in the law governing the taxation of derivatives was a “highly complex and speculative avoidance gamble”.
    The UK’s Upper Tribunal, which rules on tax issues, rejected the bank’s appeal, following a similar decision last April.
    “HMRC has shown that, no matter how complex or intricate the case is, it will not hesitate to litigate when the rules are being abused,” HMRC said in a statement.
    Bristol and West transferred a swap contract with a £91 million gain to an affiliated company at no cost, HMRC said


    https://www.irishtimes.com/business/sectors/financial-services/bank-of-ireland-loses-33-million-tax-avoidance-case-1.1700242

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