Tuesday 24 April 2012

THE DIRTY DOZEN w/e April 29th 2012

When most in our media talk about the bank bonds at all (which is rarely) they say they've nearly all been paid at this stage. Not true of course - over €10bn already paid out by our five banks this year, €9bn to go before year's end; a total of €55bn over the years 2012-2015 (incl.) which averages out at nearly €14bn/yr, all bled from the crippled banks of an ailing economy - this sum does NOT include the truly odious Promissory Notes of €3.1/yr.

When this is pointed out to them they then say - 'Ah but most of the remaining bonds are government guaranteed'. Well, as of Mar 1st, a couple of months ago (apols, don't have time to update the figures), in the five remaining banks (Anglo, AIB, BoI, EBS, IL&P) there was still nearly €13bn outstanding in subordinated and unsecured debt. Question though - for what were all those new 'government guaranteed' bonds taken out? To pay other bonds that were coming due, more than likely.

Anyway, take a look at this week's 'Dirty Dozen'; note the senior unsecured Anglo bonds, four over the next four days totalling €56m, another 'maturing' on May 15th, £60m (pounds sterling) which comes in at around €73.6m at today's rates - that's nearly €130m from Anglo in the next dozen bonds.

Irish Life & Permanent - which we also own - also features, a bond of €52m, as does EBS, another of our fine banks, a mere €1.84m - sure that wouldn't even get you a down payment on a Ministerial pension.

1 comment:

  1. The Dirty Dozen was a movie about a group of renegade soldiers who conspired to rob a bank. This Dirty Dozen involves a renegade Gorverment and a group of bankers who have conspired to rob its own people.