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 Post subject: Brits want to sell UB to Paddy
PostPosted: Tue Jun 04, 2013 1:48 pm 
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THE BRITISH GOVERNMENT is reportedly considering a plan which would see it ask the Irish Government to buy Ulster Bank, the last remaining major retail bank in Ireland outside of partial state ownership.

Ulster Bank is currently owned by the Royal Bank of Scotland (RBS) Group, which itself is majority owned by the British taxpayer following a series of recapitalisations in 2008 and 2009.

While the RBS group has crept toward profitability in the last few years, gradually offering some payback to its public owners, Ulster Bank has continued to be loss-making – recording losses of €195 million in the first quarter of 2013.

...


http://businessetc.thejournal.ie/ulster ... 4-Jun2013/

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 Post subject: Re: Brits want to sell UB to Paddy
PostPosted: Tue Jun 04, 2013 1:53 pm 
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Quote:
Ireland is unlikely to play ball with such a move


No, really? :D


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 Post subject: Re: Brits want to sell UB to Paddy
PostPosted: Tue Jun 04, 2013 1:55 pm 
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I believe it was the the great GW Bush that said. "Fool me once. Shame on you. Can't get fooled again"

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The real damage is done by those millions who want to 'get by'. The ordinary men who just want to be left in peace. Those who don’t want their lives disturbed by anything bigger than themselves. Those with no sides and no causes. Those who won’t take measure of their own strength, for fear of antagonizing their own weakness. Those people who roll up their spirits into tiny little balls so as to be safe. Safe?! From what?
Sophie Scholl


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 Post subject: Re: Brits want to sell UB to Paddy
PostPosted: Tue Jun 04, 2013 1:57 pm 
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Eschatologist wrote:
Quote:
Ireland is unlikely to play ball with such a move


No, really? :D


Feckers will probably try and sneak the 6 counties into the deal too as a sweetner.


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 Post subject: Re: Brits want to sell UB to Paddy
PostPosted: Tue Jun 04, 2013 2:04 pm 
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Thought initially this was an old resurrected April 1st thread but taint de case Ma,they really do think we are that fucking stupid.

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 Post subject: Re: Brits want to sell UB to Paddy
PostPosted: Tue Jun 04, 2013 2:16 pm 
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here's the BBC article so you can avoid thejournal.ie
http://www.bbc.co.uk/news/uk-northern-ireland-22766801


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 Post subject: Re: Brits want to sell UB to Paddy
PostPosted: Tue Jun 04, 2013 2:19 pm 
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Rimbaud wrote:
Thought initially this was an old resurrected April 1st thread but taint de case Ma,they really do think we are that fucking stupid.


If by "we", you mean the government, then they're probably right... :(

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Book I, Chapter X, Part II,


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 Post subject: Re: Brits want to sell UB to Paddy
PostPosted: Tue Jun 04, 2013 2:28 pm 
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slasher wrote:
here's the BBC article so you can avoid thejournal.ie
http://www.bbc.co.uk/news/uk-northern-ireland-22766801


Jaysus. "Porky" Bacon must be advising the Brits now too! :lol:


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 Post subject: Re: Brits want to sell UB to Paddy
PostPosted: Tue Jun 04, 2013 2:29 pm 
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Quote:
Ireland is unlikely to play ball with such a move, however, as it would see the government take ownership of the last major retail banking chain which does not already have some degree of state ownership.


Isn't that precisely why it would want it?

As it stands Ulster Bank is primed to hit the market with repossessions. As Graham Taylor might say, "Do I not like that!?"

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Last edited by flash on Tue Jun 04, 2013 2:35 pm, edited 1 time in total.

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 Post subject: Re: Brits want to sell UB to Paddy
PostPosted: Tue Jun 04, 2013 2:33 pm 
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Govt. might not want it for themselves but Other Banks might want to neutralise a competitor....all in the public interest don't cha know.
Just yesterday they neutralised the post office.

That'll just leave the Credit Unions which McCreevy didn't quite manage to eradicate from the financial ecosystem in Ireland.


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 Post subject: Re: Brits want to sell UB to Paddy
PostPosted: Tue Jun 04, 2013 3:05 pm 
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Rimbaud wrote:
Thought initially this was an old resurrected April 1st thread but taint de case Ma,they really do think we are that fucking stupid.

Fast forward three months to the news of the deal being finalised...

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 Post subject: Re: Brits want to sell UB to Paddy
PostPosted: Tue Jun 04, 2013 3:15 pm 
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Barney Gumble wrote:
Rimbaud wrote:
Thought initially this was an old resurrected April 1st thread but taint de case Ma,they really do think we are that fucking stupid.

Fast forward three months to the news of the deal being finalised...

At the least the rebranding exercise could be cheap. There must still be an old soviet warehouse somewhere with job lots of hammer and sickle insignias.

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 Post subject: Re: Brits want to sell UB to Paddy
PostPosted: Tue Jun 04, 2013 4:04 pm 
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Maybe it isn't even a case of whether the Irish government would want it or not. Ulster Bank Ireland Limited is a company registered in Dublin which is currently keeping the doors open because it's main (sole?) shareholder is pumping money into it to cover losses. What's to stop RBOS saying "enough is enough" and pulling the plug leaving Irish depositors to avail of the Irish deposit protection scheme. The Irish government might well decide that buying the bank is preferable to that outcome.

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 Post subject: Re: Brits want to sell UB to Paddy
PostPosted: Tue Jun 04, 2013 4:13 pm 
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Hmmmm - I wonder if Elderfield has given his opinion on something to someone.

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 Post subject: Re: Brits want to sell UB to Paddy
PostPosted: Tue Jun 04, 2013 4:50 pm 
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JohnnyTheFox wrote:
Maybe it isn't even a case of whether the Irish government would want it or not. Ulster Bank Ireland Limited is a company registered in Dublin which is currently keeping the doors open because it's main (sole?) shareholder is pumping money into it to cover losses. What's to stop RBOS saying "enough is enough" and pulling the plug leaving Irish depositors to avail of the Irish deposit protection scheme. The Irish government might well decide that buying the bank is preferable to that outcome.


That's a grand conspiracy theory...I suppose its a possibility. It does strike me as holding a gun to your head and threatening you'll pull the trigger yourself. The write downs in a liquidation would be enormous.

A liquidation would have lots of aftershocks for the UK though. Political and reputational for Cameron and UK generally.


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