Anyone wondering why AIB are in such financial straits lately? Anyone wondering why they've had to change their current account free banking conditions? Take a look at the next bond due, at the top of this list - €1.5bn, senior unsecured, on Apr 11th - and wonder no more.
It caps off a bad few weeks for AIB. On Feb 20th they paid a bond of £750,000,000 (around €900m); on Mar 2nd, it was a dollar bond, $250,000,000; on Mar 19th a Euro bond, €1,000,000,000. Adds up to over €2bn which, added to the bond due on Wednesday week, means a sizeable dent in their reserves. And the source of those reserves? Us, who else, bankers to the banks with the recapitalisation programme.
We own AIB, 100%, that's our money being used to pay that bond on Wednesday week - will we read or hear a word of it from our media over the next couple of weeks?
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