dsfbrit Posted October 10, 2008 Share Posted October 10, 2008 I got a really quick reply from BOSI: 'I have spoken to my Colleague about this and he has confirmed to me that if your account/s with HBOS in the UK are held Onshore then these deposits would be covered by the UK Government up to ฃ50,000. Your deposits held Offshore on the Isle of Man would also be covered up to ฃ50,000 by the Isle of Man Government. Therefore providing you with more cover in this volatile time. I hope this helps you and answers your questions. Many thanks and if there is anything else I can help you with please let me know.' So its looking better for sure. Jersey has not changed its stance. Link to comment Share on other sites More sharing options...
Naam Posted October 10, 2008 Share Posted October 10, 2008 I got a really quick reply from BOSI:'I have spoken to my Colleague about this and he has confirmed to me that if your account/s with HBOS in the UK are held Onshore then these deposits would be covered by the UK Government up to ฃ50,000. Your deposits held Offshore on the Isle of Man would also be covered up to ฃ50,000 by the Isle of Man Government. Therefore providing you with more cover in this volatile time. I hope this helps you and answers your questions. Many thanks and if there is anything else I can help you with please let me know.' So its looking better for sure. Jersey has not changed its stance. Link to comment Share on other sites More sharing options...
dsfbrit Posted October 11, 2008 Share Posted October 11, 2008 (edited) I got a really quick reply from BOSI:'I have spoken to my Colleague about this and he has confirmed to me that if your account/s with HBOS in the UK are held Onshore then these deposits would be covered by the UK Government up to ฃ50,000. Your deposits held Offshore on the Isle of Man would also be covered up to ฃ50,000 by the Isle of Man Government. Therefore providing you with more cover in this volatile time. I hope this helps you and answers your questions. Many thanks and if there is anything else I can help you with please let me know.' So its looking better for sure. Jersey has not changed its stance. Naam, I know it all stinks!! This G7 meeting of finance ministers in the States this weekend has a lot riding on it I guess. I have spent the last week findng out the rules and regulations and cost and effects of closing down accounts etc... so I am at least ready to move next week - if I have to and am given the chance!!! I have been reading the Iceland Bank(s) forums and it makes depressing reading - some people have lost their life savings. :D So here is the action plan:- http://www.guardian.co.uk/business/2008/oc...g-globaleconomy The five-point plan · Pledge to save key banks from collapse · Action to free-up credit and money markets by providing ample amounts of liquidity from central banks · Support for the part-nationalisation of banks and other institutions by the taxpayer purchase of shares · Stronger deposit protection schemes to reassure savers their money is safe · Force banks to disclose the true state of their losses Edited October 11, 2008 by dsfbrit Link to comment Share on other sites More sharing options...
chiang mai Posted October 11, 2008 Share Posted October 11, 2008 I got a really quick reply from BOSI:'I have spoken to my Colleague about this and he has confirmed to me that if your account/s with HBOS in the UK are held Onshore then these deposits would be covered by the UK Government up to ฃ50,000. Your deposits held Offshore on the Isle of Man would also be covered up to ฃ50,000 by the Isle of Man Government. Therefore providing you with more cover in this volatile time. I hope this helps you and answers your questions. Many thanks and if there is anything else I can help you with please let me know.' So its looking better for sure. Jersey has not changed its stance. The Isle of Man deposit protection scheme covers UK banks, NOT building societies. Nationwide is a building society Link to comment Share on other sites More sharing options...
stevemcqueen Posted October 11, 2008 Share Posted October 11, 2008 http://www.nationwideinternational.com/hom...es/security.htm Link to comment Share on other sites More sharing options...
rott Posted October 11, 2008 Share Posted October 11, 2008 I got a really quick reply from BOSI:'I have spoken to my Colleague about this and he has confirmed to me that if your account/s with HBOS in the UK are held Onshore then these deposits would be covered by the UK Government up to ฃ50,000. Your deposits held Offshore on the Isle of Man would also be covered up to ฃ50,000 by the Isle of Man Government. Therefore providing you with more cover in this volatile time. I hope this helps you and answers your questions. Many thanks and if there is anything else I can help you with please let me know.' So its looking better for sure. Jersey has not changed its stance. The Isle of Man deposit protection scheme covers UK banks, NOT building societies. Nationwide is a building society Sorry CM, they specifically state "Banks and Building Societies", and then list them - including The Nationwide. Different subject, does anyone know if philstone is under the influence of dink or drugs when he posts, or if he is not a native English speaker? Link to comment Share on other sites More sharing options...
chiang mai Posted October 11, 2008 Share Posted October 11, 2008 (edited) I got a really quick reply from BOSI:'I have spoken to my Colleague about this and he has confirmed to me that if your account/s with HBOS in the UK are held Onshore then these deposits would be covered by the UK Government up to ฃ50,000. Your deposits held Offshore on the Isle of Man would also be covered up to ฃ50,000 by the Isle of Man Government. Therefore providing you with more cover in this volatile time. I hope this helps you and answers your questions. Many thanks and if there is anything else I can help you with please let me know.' So its looking better for sure. Jersey has not changed its stance. The Isle of Man deposit protection scheme covers UK banks, NOT building societies. Nationwide is a building society Sorry CM, they specifically state "Banks and Building Societies", and then list them - including The Nationwide. Different subject, does anyone know if philstone is under the influence of dink or drugs when he posts, or if he is not a native English speaker? My apologies for that, I took the statement from an article in The Guardian of this morning without checking it, my error. On that point, there's a good rundown on all the Building Societies in The Guardian and it's worth a read. On your second point, I think the answer is probably both. Edited October 11, 2008 by chiang mai Link to comment Share on other sites More sharing options...
rott Posted October 11, 2008 Share Posted October 11, 2008 I got a really quick reply from BOSI:'I have spoken to my Colleague about this and he has confirmed to me that if your account/s with HBOS in the UK are held Onshore then these deposits would be covered by the UK Government up to ฃ50,000. Your deposits held Offshore on the Isle of Man would also be covered up to ฃ50,000 by the Isle of Man Government. Therefore providing you with more cover in this volatile time. I hope this helps you and answers your questions. Many thanks and if there is anything else I can help you with please let me know.' So its looking better for sure. Jersey has not changed its stance. The Isle of Man deposit protection scheme covers UK banks, NOT building societies. Nationwide is a building society Sorry CM, they specifically state "Banks and Building Societies", and then list them - including The Nationwide. Different subject, does anyone know if philstone is under the influence of dink or drugs when he posts, or if he is not a native English speaker? "dink" "dink", what the f_#k is "dink"? Pull yourself together man!! Link to comment Share on other sites More sharing options...
dsfbrit Posted October 11, 2008 Share Posted October 11, 2008 (edited) FYI, 'Dear Sir, Thank you for your email. The Commission has now posted a list of banks that ARE covered as well. http://www.fsc.gov.im/ViewNews.gov?page=li...andbuilding.xml Regards Paul de Weerd Senior Manager Financial Supervision Commission PO Box 58, Finch Hill House, Bucks Road, Douglas, Isle of Man, IM99 1DT British Isles Tel: (+44) or (0) 1624 689337 Fax: (+44) or (0) 1624 689398 Email: [email protected]' I have to say I have been really impressed with the legal response and the feedback from the IOM. Compare that to Jersey and Guernsey which have been about as much use as a chocolate teapot. Edit: the list may change, but here it is as at todays dats: AIB Bank (CI) Ltd Alliance & Leicester International Ltd Anglo Irish Bank Corporation (I.O.M) Plc Bank of Ireland (I.O.M) Ltd Bank of Scotland International Ltd Bank of Scotland plc Barclays Bank Plc Barclays Private Bank & Trust (Isle of Man) Ltd Barclays Private Clients International Limited BNP Paribas Securities Services Custody Bank Limited Bradford & Bingley International Ltd Britannia International Ltd Cayman National Bank & Trust Company (Isle of Man) Limited Close Bank (Isle of Man) Ltd Conister Trust Limited Duncan Lawrie (IOM) Limited Fairbairn Private Bank (IOM) Limited Habib European Bank Ltd HSBC Bank International Ltd HSBC Bank Plc Irish Nationwide (I.O.M) Ltd Irish Permanent (IOM) Ltd Isle of Man Bank Ltd Kaupthing Singer & Friedlander (Isle of Man) Ltd Lloyds TSB Offshore Ltd Nationwide International Ltd RBS Coutts Bank (Manx) Limited Standard Bank Isle of Man Ltd The Royal Bank of Scotland International Ltd The Royal Bank of Scotland Plc Zurich Bank International Ltd Building Societies -------------------------- Britannia Building Society Cheshire Building Society Nationwide Building Society Edited October 11, 2008 by dsfbrit Link to comment Share on other sites More sharing options...
dsfbrit Posted October 12, 2008 Share Posted October 12, 2008 (edited) So, do you think that according to this article below, as from tomorrow (Monday 13/10) all HBOS depositors/savers will get the same guarantee that Northern Rock depositors/savers onhsore and offshore have - ie: ALL funds covered - OR is this a different sort of 'nationalisation'? http://business.timesonline.co.uk/tol/busi...icle4926316.ece Edited October 12, 2008 by dsfbrit Link to comment Share on other sites More sharing options...
chiang mai Posted October 12, 2008 Share Posted October 12, 2008 So, do you think that according to this article below, as from tomorrow (Monday 13/10) all HBOS depositors/savers will get the same guarantee that Northern Rock depositors/savers onhsore and offshore have - ie: ALL funds covered - OR is this a different sort of 'nationalisation'?http://business.timesonline.co.uk/tol/busi...icle4926316.ece I live in hope matey, I live in hope! Pretty soon there'll be the BOE, the government bank that is called something like Lloyds/TSB/Northern Rock/HBOS/Barclays & Darling & co and then there will be the Nationwide that will have absorbed all the other Building Societies - a choice of three, little more. Link to comment Share on other sites More sharing options...
LaoPo Posted October 12, 2008 Share Posted October 12, 2008 So, do you think that according to this article below, as from tomorrow (Monday 13/10) all HBOS depositors/savers will get the same guarantee that Northern Rock depositors/savers onhsore and offshore have - ie: ALL funds covered - OR is this a different sort of 'nationalisation'?http://business.timesonline.co.uk/tol/busi...icle4926316.ece I live in hope matey, I live in hope! Pretty soon there'll be the BOE, the government bank that is called something like Lloyds/TSB/Northern Rock/HBOS/Barclays & Darling & co and then there will be the Nationwide that will have absorbed all the other Building Societies - a choice of three, little more. It's almost funny, but also scary, to see and realize that we, Westerners, are embracing the Socialistic/Communistic system....Mother/Father State is taking care of us. Is that our future...a Socialistic/Communistic System, a system we despised ? LaoPo Link to comment Share on other sites More sharing options...
chiang mai Posted October 12, 2008 Share Posted October 12, 2008 So, do you think that according to this article below, as from tomorrow (Monday 13/10) all HBOS depositors/savers will get the same guarantee that Northern Rock depositors/savers onhsore and offshore have - ie: ALL funds covered - OR is this a different sort of 'nationalisation'?http://business.timesonline.co.uk/tol/busi...icle4926316.ece I live in hope matey, I live in hope! Pretty soon there'll be the BOE, the government bank that is called something like Lloyds/TSB/Northern Rock/HBOS/Barclays & Darling & co and then there will be the Nationwide that will have absorbed all the other Building Societies - a choice of three, little more. It's almost funny, but also scary, to see and realize that we, Westerners, are embracing the Socialistic/Communistic system....Mother/Father State is taking care of us. Is that our future...a Socialistic/Communistic System, a system we despised ? LaoPo For the most part we are not sufficiently well developed nor smart enough to manage our own affairs thus we need this extension of parenting to see us through our remaining years in some safety. Link to comment Share on other sites More sharing options...
lannarebirth Posted October 12, 2008 Share Posted October 12, 2008 (edited) Actually, it's the grandchildren that are taking care of you, even if they've been sold into whorage to the government. Say, that sounds a thread we've heard here before. Whatever, just don't make me give up my lifestyle of leisure. Edited October 12, 2008 by lannarebirth Link to comment Share on other sites More sharing options...
philstone Posted October 13, 2008 Share Posted October 13, 2008 A pledge too far?Oct 1st 2008 From the Economist Intelligence Unit ViewsWire Thanks for posting the above Economist article, Taxexile--hadn't seen it yet. Separately, anyone have knowledge on deposit guarantees regarding cash in HSBC Jersey offshore accounts? Had a look at the Jersey Financial Services Commission website, where it says: Q: Does Jersey have a depositor-protection scheme? A:There is presently no depositor-protection scheme in Jersey but the introduction of such a scheme is being considered. As the UK's GBP35k protection doesn't extend to offshore places like Jersey, my initial guess is there's no protection. Cheers, Misty Who knowns if these offshore banks have the money in good times. Or if they even banks by your country standards. They should be closed down they are frauds soon a lot of crying from holders of this junk I got in trouble for posting the above I should have said that about the UK Banks. All the people from the UK worry to much about US Banks and agree with each other while their house is on fire. I am sorry for you. From The Times October 13, 2008<h1 class="heading">Royal Bank of Scotland under state control</h1> Philip Webster, Political Editor, Gráinne Gilmore, Economics Correspondent, and Gary Duncan in Washington div#related-article-links p a, div#related-article-links p a:visited { color:#06c; } Doubt hits HBOS/Loyds TSB deal | Sir Fred Goodwin faces the axe | Cost of rescue plan keeps rising | Banks ask for more money | Europe follows Brown | Comment: Anatole Kaletsky | Food stamps for low income US | Baugur seeks help from Sir Philip Green | Morgan Stanley terms rewrite | Economic View: Gary Duncan The Chancellor will move to take control of the Royal Bank of Scotland today by injecting £20 billion of taxpayers’ money. The Government is also expected to take over HBOS in the most dramatic extension of state ownership in the British economy since the war. The bank’s rescue takeover by Lloyds TSB appeared to be on the brink of collapse last night. As governments around the world scramble to prevent the collapse of the global financial system, Alistair Darling will unveil plans for a £40 billion “recapitalisation” of the banking sector. <h3 class="section-heading">Related Links</h3> Lloyds TSB / HBOS deal thrown into uncertainty Job-slashing banker faces the axe at RBS Cost of bailout rising as market falls The announcement, expected to be made before the London Stock Exchange opens this morning, could involve the taxpayer taking big stakes in other banks including Lloyds TSB and Barclays, if investors do not answer the call to buy shares. The Chancellor will also offer government guarantees on interbank lending, a key part of the financial system that has virtually dried up.The scale of the nationalisations dwarfs the rescues of Northern Rock and Bradford & Bingley and represents a potentially huge risk for the taxpayer. In return, the Government will insist on putting its own representatives on the banks’ boards and require them to reopen lending to small businesses and restrain bonus payments. Sir Fred Goodwin is expected to step down today as chief executive of the Royal Bank of Scotland (RBS). Andy Hornby, the chief executive of HBOS, also faces an uncertain future. RBS will offer its shareholders the right to buy £15 billion of new shares, the vast majority of which are expected to be left with the Government, giving it a 60 per cent stake. Ministers denied last night that there was any plan to nationalise the whole banking sector and said that the aim was to restore the banks to full private ownership as soon as was sensible. As Britain took the lead in shoring up its banking systems, other European countries announced similar rescue packages in a co-ordinated move to stem global financial turmoil. The Government was forced to take bigger stakes in the banks than it originally intended because of a dramatic slump in banks’ share prices last week. It also increased the amount of money it demanded the banks raise in an attempt to rebuild shattered confidence in the financial system. RBS and HBOS are expected to lead the way with proposals involving the issue of ordinary shares, underwritten by the Government. Existing investors will be able to buy the new shares but the Government will step in and buy them if the appetite is weak. RBS wants the Government to underwrite a £15 billion-plus cash call to investors, while HBOS is requesting up to £12 billion. RBS is looking to raise a further £5 billion by issuing preference shares that do not carry voting rights. If the Lloyds TSB takeover does not happen, the sum required by HBOS would mean something close to a majority stake for the taxpayer there as well. RBS was valued at £11.8 billion at the close of play on Friday. The original plan by the Government involved taking preference shares in companies, which would pay a dividend and mean a potential profit for taxpayers. However, the proposals will now also mean ordinary shares being offered to investors, ensuring the banks get the cash they want. Any shares taken by the Government will be placed in a newly created bank reconstruction fund that would hold the stock until market conditions improve. Ordinary shares give ministers voting rights and senior figures representing the Government will go on the boards. The proposals come less than a week after the Government unveiled a £500 billion package aimed at recapitalising the banks and encouraging firms to lend to each other again. The talks have been accelerated after heavy falls on world markets last week, including a 61 per cent drop in the value of RBS. Mervyn King, the Bank of England Governor, has reportedly told the banks to ask for more than they need, meaning their capital position would be strengthened sufficiently to absorb shocks and a long recession. Lloyds TSB has been reported as requiring £7 billion and Barclays £3 billion but it is understood that Barclays is under pressure from the Government to raise up to double that. The positions of Sir Fred and Sir Tom McKillop, the RBS chairman, have been under scrutiny since the group was forced to raise £12 billion from investors earlier this year. RBS has also written off nearly £6 billion from credit crunch-linked investments this year, making it one of Britain’s worst-affected banks by the sub-prime loans crisis. Have your say Have your saycomical! Link to comment Share on other sites More sharing options...
philstone Posted October 13, 2008 Share Posted October 13, 2008 So, do you think that according to this article below, as from tomorrow (Monday 13/10) all HBOS depositors/savers will get the same guarantee that Northern Rock depositors/savers onhsore and offshore have - ie: ALL funds covered - OR is this a different sort of 'nationalisation'?http://business.timesonline.co.uk/tol/busi...icle4926316.ece I live in hope matey, I live in hope! Pretty soon there'll be the BOE, the government bank that is called something like Lloyds/TSB/Northern Rock/HBOS/Barclays & Darling & co and then there will be the Nationwide that will have absorbed all the other Building Societies - a choice of three, little more. It's almost funny, but also scary, to see and realize that we, Westerners, are embracing the Socialistic/Communistic system....Mother/Father State is taking care of us. Is that our future...a Socialistic/Communistic System, a system we despised ? LaoPo For the most part we are not sufficiently well developed nor smart enough to manage our own affairs thus we need this extension of parenting to see us through our remaining years in some safety. You are right the world Bankers made a big mess . They probably known less than me about lending money. And buying junk form America, How could they be so stupid. Link to comment Share on other sites More sharing options...
philstone Posted October 13, 2008 Share Posted October 13, 2008 I got a really quick reply from BOSI:'I have spoken to my Colleague about this and he has confirmed to me that if your account/s with HBOS in the UK are held Onshore then these deposits would be covered by the UK Government up to ฃ50,000. Your deposits held Offshore on the Isle of Man would also be covered up to ฃ50,000 by the Isle of Man Government. Therefore providing you with more cover in this volatile time. I hope this helps you and answers your questions. Many thanks and if there is anything else I can help you with please let me know.' So its looking better for sure. Jersey has not changed its stance. The Isle of Man deposit protection scheme covers UK banks, NOT building societies. Nationwide is a building society Sorry CM, they specifically state "Banks and Building Societies", and then list them - including The Nationwide. Different subject, does anyone know if philstone is under the influence of dink or drugs when he posts, or if he is not a native English speaker? "dink" "dink", what the f_#k is "dink"? Pull yourself together man!! While you were worrying about me it looks like the Banks in the UK went under. I hope you and the rest do not start drinking Gin. I pray for the poor in the UK Link to comment Share on other sites More sharing options...
pkrv Posted October 13, 2008 Share Posted October 13, 2008 (edited) The latest from the UK http://news.bbc.co.uk/1/hi/business/7666570.stm Some highlights The government is to inject up to £37bn of new capital into Royal Bank of Scotland, Lloyds TSB and HBOS. Royal Bank of Scotland (RBS) is to raise £20bn, with chief executive Sir Fred Goodwin quitting the firm. The plans mean taxpayers will own about 60% of RBS and 40% of the merged Lloyds TSB and HBOS. BBC business editor Robert Peston said the announcement would "count as perhaps the most extraordinary day in British banking history" and was "an absolute humiliation" for the banks. As a condition of the deal, the government has insisted that senior directors should get no cash bonuses this year, with future bonuses to be paid in the form of shares - a move aimed at encouraging management to take a more long-term approach. "It's immensely regretful we're coming to shareholders to raise funds again, it's something we feel bad about," said RBS chairman Sir Tom McKillop. As a personal note I couldn't help but notice that the people involved were Sir this and Sir that. Perhaps such titles should be stripped from these incompetent fools, who have not only made a laughing stock of the UK banking system but now also its honorary system! Edited October 13, 2008 by pkrv Link to comment Share on other sites More sharing options...
dsfbrit Posted October 13, 2008 Share Posted October 13, 2008 (edited) I am afraid the honours system has been getting increasingly more ridiculous year by year. Still, being a non drinker, I for one am off to have a celebratory cup of tea in the knowledge that my cash is safe. Mind you when I get the chance, I will move my Jersey savings somewhere else. phew... edit: Completely off topic, but I just read this. Made me spill my cup of tea!! The honours system rewarding the best of the best. He will join Lord Archer etc...in the house of Lords. 'As Peter Mandelson prepares to be ennobled today and re-enter the Cabinet after his two enforced departures, questions are being asked about the extent of his relationship with Russia’s richest man...' Edited October 13, 2008 by dsfbrit Link to comment Share on other sites More sharing options...
pkrv Posted October 13, 2008 Share Posted October 13, 2008 (edited) I would argue they endangered the safety and Sovereignty of the state (treason) and as such we still have the death penalty for that one. Sorry back on topic..... Edited October 13, 2008 by pkrv Link to comment Share on other sites More sharing options...
chiang mai Posted October 13, 2008 Share Posted October 13, 2008 I got a really quick reply from BOSI:'I have spoken to my Colleague about this and he has confirmed to me that if your account/s with HBOS in the UK are held Onshore then these deposits would be covered by the UK Government up to ฃ50,000. Your deposits held Offshore on the Isle of Man would also be covered up to ฃ50,000 by the Isle of Man Government. Therefore providing you with more cover in this volatile time. I hope this helps you and answers your questions. Many thanks and if there is anything else I can help you with please let me know.' So its looking better for sure. Jersey has not changed its stance. The Isle of Man deposit protection scheme covers UK banks, NOT building societies. Nationwide is a building society Sorry CM, they specifically state "Banks and Building Societies", and then list them - including The Nationwide. Different subject, does anyone know if philstone is under the influence of dink or drugs when he posts, or if he is not a native English speaker? "dink" "dink", what the f_#k is "dink"? Pull yourself together man!! While you were worrying about me it looks like the Banks in the UK went under. I hope you and the rest do not start drinking Gin. I pray for the poor in the UK Phill, just to be perfectly clear nobody here was worrying about you, we were merely wondering about you, specifically as to why you continue to talk so much bollux. Link to comment Share on other sites More sharing options...
lannarebirth Posted November 7, 2008 Share Posted November 7, 2008 (edited) LONDON (Standard & Poor's) Nov. 5, 2008--Standard & Poor's Ratings Services said today that it reviewed its counterparty credit ratings on the following four independent rated Irish banks: -- Allied Irish Banks PLC -- Bank of Ireland -- Irish Life & Permanent PLC -- Anglo Irish Bank Corp. PLC Standard & Poor's revised its outlooks on Allied Irish Banks (AIB) and Bank of Ireland (BOI) to negative from stable. At the same time, the 'A+/A-1' counterparty credit ratings were affirmed. Additionally, Standard & Poor's lowered its long-term counterparty credit ratings on Irish Life & Permanent (IL&P) and Anglo Irish Bank (Anglo) to 'A-' from 'A'. At the same time, Standard & Poor's placed its 'A-/A-1' long- and short-term counterparty credit ratings on IL&P and Anglo on CreditWatch with negative implications. Furthermore, we resolved the CreditWatch placements of the senior and dated subordinated issues of the four independent rated banks, which are guaranteed by the Republic of Ireland (AAA/Stable/A-1+). The ratings on issues that mature within the life of the guarantee, which expires on Sept. 29, 2010, have been equalized with the Irish sovereign rating of 'AAA' for issues over 12 months, and 'A-1+' rating for issues under 12 months. Issues which mature after Sept. 29, 2010, are rated with reference to the relevant counterparty credit ratings as listed above. The lowering of the long-term ratings on Anglo and IL&P by one notch reflects the backdrop of a deteriorating economic environment and, more specifically, the clear challenges facing these banks' respective business models in their current forms. The CreditWatch placement reflects current uncertainty around the scope and speed of the changes to their business and/or financial profiles. While banks participating in the guarantee scheme are subject to the same degree of oversight and direction by the regulator, we consider that--of the four independent rated banks--Anglo and IL&P are facing the most acute pressures to re-shape their businesses in the coming two years. All participating banks are required to submit two-year business plans to the regulator this month. We expect the CreditWatch placements of Anglo and ILP to be resolved over the coming weeks, when we have a better view of the changed expectations for these banks and the associated impact on their respective credit profiles. We do not currently expect that the long-term ratings on either institution will be lowered by more than one notch, and they may be affirmed. The challenging operating environment will lead to pressure spreading from Irish property development lending to most segments of AIB and BOI's loan books. As a result of these higher credit costs, profitability will be materially diminished in the coming couple of years. Overall, we continue to believe that these banks' business and financial profiles will leave them sufficiently well placed to ride out the downturn. However, the economic outlook presents further potential downside risks to asset quality and earnings, and there is no immediate capital support forthcoming from the guarantee scheme. Consequently, we have revised the outlooks on AIB and BOI to negative from stable. A downgrade would most likely be triggered by further asset quality pressure, leading to the prospect of a faster and deeper fall in earnings. Due to its greater financial flexibility, we currently consider AIB to be the slightly better placed of the two institutions. Given the likely changes to the Irish banking landscape and the continuing pressures in the operating environment, we have also placed Ireland's Bank Industry Country Risk Analysis (BICRA) Group 1 assessment under review. BICRAs are a relative risk assessment of banking sectors, graded from the strongest category, Group 1, to Group 10. (For more information on BICRA methodology, see "S&P's Banking Industry Country Risk Assessments: Global Annual Roundup," published on Aug. 9, 2007, on RatingsDirect.) CREDITWATCH The CreditWatch placements of Anglo and IL&P reflect our view that these banks are under particular pressure to re-work their business models in the light of the changed economic and regulatory landscape in Ireland, and our uncertainty as to how such changes will be achieved. We expect the CreditWatch placements of these two banks to be resolved in the coming weeks once we have gained further insight into the banks' plans. We do not currently expect that the ratings will be lowered by more than one notch, and they may be affirmed. RATINGS LIST To From Allied Irish Banks PLC Counterparty credit rating A+/Negative/A-1 A+/Stable/A-1 Bank of Ireland Counterparty credit rating A+/Negative/A-1 A+/Stable/A-1 Irish Life & Permanent PLC Counterparty credit rating A-/Watch Neg/A-1 A/Negative/A-1 Anglo Irish Bank Corp. PLC Counterparty credit rating A-/Watch Neg/A-1 A/Negative/A-1 Edited November 7, 2008 by lannarebirth Link to comment Share on other sites More sharing options...
yabaaaa Posted November 8, 2008 Share Posted November 8, 2008 'As Peter Mandelson prepares to be ennobled today and re-enter the Cabinet after his two enforced departures, questions are being asked about the extent of his relationship with Russia’s richest man...' I'm sure he's bending over backwards to help!!! Link to comment Share on other sites More sharing options...
lannarebirth Posted March 29, 2009 Share Posted March 29, 2009 Tax havens eye uncertain future after concessions Tax havens face increased pressure from cash-hungry governments who need money for bailouts http://finance.yahoo.com/news/Tax-havens-e...f-14775977.html Link to comment Share on other sites More sharing options...
henryalleman Posted March 29, 2009 Share Posted March 29, 2009 (edited) High interest far above the normal rate? Does the name Kaupting ring a bell? I've got 3% on my deposit account and 3% on my saving account+1% extra for the money stay 12 months in my account, with Deutsche Bank Internet account. Don't have to pay taxes because I living abroad. I not gone take any risk for 1 or 2% more. Edited March 29, 2009 by henryalleman Link to comment Share on other sites More sharing options...
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