AIB - Proposed Participation in NAMA (press release)

BoyRacer · **Joined:** Jul 26, 2009 **Posts:** 3225

AIB - Proposed Participation in NAMA -> http://money.cnn.com/news/newsfeeds/art ... 563649.htm

Quote:

AIB - Proposed participation in the National Asset Management Agency bank asset acquisition programme Allied Irish Banks, p.l.c. ("AIB") [NYSE: AIB] ("AIB" or the "Company") today announces its intention to participate in the National Asset Management Agency ("NAMA") bank asset acquisition programme in Ireland (the "NAMA Programme"). Participation in the
NAMA Programme is subject to approval by shareholders at an Extraordinary General Meeting to be held at 11.00 a.m. on 23 December 2009. This will be done by an ordinary resolution and a vote in favour by shareholders would authorise the Company to proceed with the participation in the NAMA Programme on the terms contained in the NAMA Act.

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BoyRacer · **Joined:** Jul 26, 2009 **Posts:** 3225

AIB and Bank of Ireland announce EGMs to approve participation in "bad bank" NAMA - - discounts of 30% expected on transferred loans -> http://www.finfacts.ie/irishfinancenews ... 8563.shtml

Quote:

Both AIB (Allied Irish Banks) and Bank of Ireland announced today that EGMs (extraordinary general meeting of shareholders), will be held in coming weeks, to approve participation in the State's "bad bank," NAMA (National Assets Management Agency). Both banks signalled they expected that property loans will transfer at a discount of about 30%.
AIB is to hold an EGM on December 23rd and Bank of Ireland will follow in early 2010.
BoI said failing to approve NAMA would increase the risk of further state investment in the bank and could lead to nationalisation. It said it expects that the discount applied on up to €16bn in loans it will transfer to NAMA, will not be above the expected 30% average.
A discount of 30% would provide €11.2bn for the bank and result in a pre-tax loss of about €3.4bn.
AIB said that NAMA will buy loans worth about €24.2bn on a gross loan basis.

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yoganmahew · **Posted:** Tue Dec 01, 2009 12:09 am

23 December? Jeepers, they're clearly hoping the shoe-throwing small investors don't turn up.

I wonder what the final haircut will be? It's gone from 20% (according to the banks) to 30% in short order. In that time, both AIB and BoI had the opportunity to raise capital with their share price double what it is now. Instead they sat about with their fingers up their holes wondering whose turn it was for the top job. Could there be any more evidence required that a cull is required? The blubber rich seals in their smooth coats need a good clubbing. Friends of the earth will no doubt be out trying to save these rare species of snail; they will get no public support as sadly they are a pest here in Ireland.

AIB - Proposed Participation in NAMA (press release)

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