mlkrborn
13 years ago
AIB & BoI borrowed $10 billion from US Fed
Updated: 17:40, Monday, 22 August 2011
AIB and Bank of Ireland borrowed over $10 billion in emergency funding from the US Federal Reserve, new data show.
1 of 1 US Federal Reserve - $10 billion for two Irish banks in 2009 and 2010
US Federal Reserve - $10 billion for two Irish banks in 2009 and 2010
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Ireland's two main banks borrowed over $10 billion in emergency funding from the US Federal Reserve, according to data compiled by the Bloomberg news agency.
AIB borrowed $9.4 billion while Bank of Ireland borrowed $2.1 billion. The money was lent out in 2009 and 2010 as the US authorities attempted to avert a financial meltdown.
The figures are contained in documents obtained under the US Freedom of Information act.
They show that the Federal Reserve provided $1.2 trillion to US and European banks over the period, amid concerns that inter-bank lending was drying up.
ALERTS100%to10000%GAIN
13 years ago
AIB~~~Allied Irish Banks, p.l.c. announces its intention to delist from the NYSE
Allied Irish Banks, p.l.c. ("AIB") [NYSE:AIB] announces that its Board of Directors has resolved to delist its American Depositary Shares (ADSs), each representing ten ordinary shares, par value €0.01 per share, from the New York Stock Exchange (NYSE), terminate the deposit agreement with The Bank of New York Mellon as depositary (the Depositary) governing the ADSs (the Deposit Agreement) and, in due course, terminate the registration of AIB's securities with the US Securities and Exchange Commission (the SEC) under the US Securities Exchange Act of 1934 (the Exchange Act), in each case after the completion of the required legal steps.
The Board of Directors made the decision in light of the increase in the Irish Government's shareholding (through the National Pension Reserve Fund Commission) to 99.8% on 27 July 2011, and the savings in costs and administrative efforts that would result from the delisting and any subsequent deregistration under the Exchange Act.
AIB plans to file the related Form 25 with the SEC on or about 15 August 2011. AIB expects the delisting to become effective at the close of business on or about 25 August 2011, from which time AIB's ADSs will no longer be traded on the NYSE. Concurrently with or following delisting, AIB intends to terminate the ADS facility by terminating the ADS deposit agreement between AIB and the Depositary. The Depositary will contact ADS holders in due course with further information, including with regard to any further action to be taken.
In due course, AIB also intends to deregister its securities and terminate its obligations under the Exchange Act by filing a Form 15F. AIB's aim is to meet the applicable criteria for deregistration of its securities.
AIB reserves the right, for any reason, to delay these filings or to withdraw them prior to their effectiveness.
AIB has not arranged for listing and/or registration on another US national securities exchange or for quotation of its securities in a US quotation medium, but expects that, after delisting the ADSs, its ordinary shares will continue to trade on the Enterprise Securities Market of the Irish Stock Exchange. Information required to be made available pursuant to Rule 12g3-2(b) under the Exchange Act will be made available on AIB's website at www.aibgroup.com.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8077437
m1999
mlkrborn
13 years ago
What a stupid decision: ADR's delisting without an alternative listing!
Dublin 4, Ireland, Aug 04, 2011 (Thomson Reuters ONE via COMTEX) --
For Immediate Release 4th August 2011
Allied Irish Banks, p.l.c. announces its intention to delist from the NYSE
Allied Irish Banks, p.l.c. ("AIB") [NYSE:AIB] announces that its Board of Directors has resolved to delist its American Depositary Shares (ADSs), each representing ten ordinary shares, par value EUR0.01 per share, from the New York Stock Exchange (NYSE), terminate the deposit agreement with The Bank of New York Mellon as depositary (the Depositary) governing the ADSs (the Deposit Agreement) and, in due course, terminate the registration of AIB's securities with the US Securities and Exchange Commission (the SEC) under the US Securities Exchange Act of 1934 (the Exchange Act), in each case after the completion of the required legal steps.
The Board of Directors made the decision in light of the increase in the Irish Government's shareholding (through the National Pension Reserve Fund Commission) to 99.8% on 27 July 2011, and the savings in costs and administrative efforts that would result from the delisting and any subsequent deregistration under the Exchange Act.
AIB plans to file the related Form 25 with the SEC on or about 15 August 2011. AIB expects the delisting to become effective at the close of business on or about 25 August 2011, from which time AIB's ADSs will no longer be traded on the NYSE. Concurrently with or following delisting, AIB intends to terminate the ADS facility by terminating the ADS deposit agreement between AIB and the Depositary. The Depositary will contact ADS holders in due course with further information, including with regard to any further action to be taken.
In due course, AIB also intends to deregister its securities and terminate its obligations under the Exchange Act by filing a Form 15F. AIB's aim is to meet the applicable criteria for deregistration of its securities.
AIB reserves the right, for any reason, to delay these filings or to withdraw them prior to their effectiveness.
AIB has not arranged for listing and/or registration on another US national securities exchange or for quotation of its securities in a US quotation medium, but expects that, after delisting the ADSs, its ordinary shares will continue to trade on the Enterprise Securities Market of the Irish Stock Exchange. Information required to be made available pursuant to Rule 12g3-2(b) under the Exchange Act will be made available on AIB's website at www.aibgroup.com .
- ENDS -
db
13 years ago
DILUTION UPDATE. [AIB - Capital Raising Update
Allied Irish (NYSE:AIB)
Intraday Stock Chart
Today : Wednesday 27 July 2011
Allied Irish Banks, p.l.c. ("AIB") (NYSE: AIB) announces that, further to its announcement on 1 July 2011, and following the approval by AIB shareholders of all resolutions at the extraordinary general meeting on 26 July 2011 required to implement AIB's capital raising (as announced on 1 July 2011), it has today issued 500,000,000,000 Ordinary Shares of EUR0.01 each (following renominalisation of AIB's Ordinary Shares from EUR0.32 each to EUR0.01 each (the "Renominalisation")) to the National Pensions Reserve Fund Commission (the "NPRFC") at a subscription price of EUR0.01 per share (the "Placing") and EUR1.6 billion of contingent capital notes at par to the Minister for Finance (the "Minister") (the "Contingent Capital Notes Issue"), raising in aggregate proceeds of EUR6.6 billion (together, the "Capital Raising").
In addition, further to its announcement on 13 May 2011, AIB has issued today an additional 762,370,687 new Ordinary Shares to the NPRFC in lieu of the remainder of the 2011 annual cash dividend on the 2009 Preference Shares that was deferred on 13 May 2011 (the "2011 Bonus Issue"). The 2011 Bonus Issue includes an increment of 38,118,534 new Ordinary Shares prescribed by AIB's articles of association as a result of the 2011 annual cash dividend not being satisfied in full on the due date. This represents an increase of 1,905,926 shares over the figure included in AIB's shareholder circular dated 1 July 2011 as a result of finalisation of calculations of the number of Ordinary Shares to be issued in lieu of the 2011 Bonus Issue./b]
mlkrborn
13 years ago
Allied Irish Banks 1st-Half Net Loss Deepens To EUR2.24 Bln
Last update: 7/25/2011 2:49:19 AM
DUBLIN (Dow Jones)--Allied Irish Banks PLC (AIB) said its loss deepened in the first half to EUR2.24 billion, as Ireland's second-largest lender continues to struggle amid the national debt crisis it helped create.
The lender's loss for the six months to June 30 compared with a net loss of EUR1.73 billion a year earlier. It said that just over 34.5% of all its loans were either on watch, vulnerable or in the impaired loan categories.
Once Ireland's biggest lender on the stock market, Allied Irish is now almost totally owned by the Irish government. It is one of six Irish lenders that contributed to the country's banking and national debt crisis resulting from their reckless commercial-property lending during the boom years.
Allied Irish has already received EUR7.2 billion in government aid and is required by the Irish central bank and the country's bailout lenders to find EUR13.3 billion more in capital and buffer reserves before the end of the month -- more than any other surviving Irish lender -- to help cover anticipated loan losses over the next three years. At best, Allied Irish will only contribute EUR2 billion toward that target through a government-instructed buyback of the lender's junior bonds.
-Eamon Quinn, Dow Jones Newswires; +353 1 676 2189; eamon.quinn@dowjones.com
("Allied Irish Banks 1H Profit EUR2.24 Bln Vs EUR1.73B Loss Year Ago," at 0600 GMT, incorrectly stated Allied Irish Banks had a net loss in the first half. The correct version follows:)
DUBLIN (Dow Jones)--Allied Irish Banks PLC (AIB) said it rebounded to a net profit of EUR2.24 billion in the first half of 2011 from a net loss of EUR1.73 billion a year earlier, reflecting the proceeds of the sale of its banking operations in Poland.
However, the lender said that for the six months to June 30, it had an underlying loss of EUR2.6 billion, driven by "elevated bad debts" amid Ireland's banking crisis. It said that just over 34.5% of all its loans were either on 'watch,' vulnerable, or in the impaired loan categories.
Once Ireland's biggest lender on the stock market, Allied Irish is now almost totally owned by the Irish government. It is one of six Irish lenders that contributed to the country's banking and national debt crisis resulting from reckless commercial property lending during the boom years.
Allied Irish has already received EUR7.2 billion in government aid and is required by the Irish central bank and the country's bailout lenders to find EUR13.3 billion more in capital and buffer reserves by an end-of-the month deadline--more than any other surviving Irish lender--to help cover anticipated loan losses over the next three years.
-By Eamon Quinn, Dow Jones Newswires; +353 1 676 2189; eamon.quinn@dowjones.com
(END) Dow Jones Newswires
July 25, 2011 02:49 ET (06:49 GMT)
mlkrborn
13 years ago
Irish Bailout Troika Endorses Progress On Austerity - Minister
7:43a ET July 14, 2011 (Dow Jones)
Irish Bailout Troika Endorses Progress On Austerity - Minister
DUBLIN (Dow Jones)--The troika that arranged last year's bailout for Ireland has endorsed the new Irish government's austerity program, Irish Finance Minister Michael Noonan said Thursday.
Noonan said the troika--the European Union, International Monetary Fund and the European Central Bank--has judged that Ireland has met all its targets--fiscal, banking and structural reform.
Budget Minister Brendan Howlin said Ireland's public finances were showing signs of stabilization after several difficult years.
However, both ministers said they were aware that further difficult decisions have to be made in regards to Ireland's budget for 2012.
The ministers were speaking before the troika was due to deliver its latest verdict in Dublin later Thursday on the EUR67.5 billion bailout deal it struck with Ireland in November.
Amid an escalating banking crisis, Ireland was forced to agree on the bailout deal when markets refused to lend it and the banks more money.
Noonan also said that some of the financial sector reforms--such as the merger of Allied Irish Banks PLC (AIB) and EBS Building Society--had occurred ahead of schedule.
The new Irish government led by Prime Minister Enda Kenny that swept to power in March committed itself austerity package agreed with the troika, aiming to reduce a 10% budget deficit this year to 8.6% of gross domestic product in 2012. To do this, the 2012 budget will need to cut spending and increase taxes by at least EUR3.6 billion.
-By Eamon Quinn and Ainsley Thomson; +353 1 676 2189; eamon.quinn@dowjones.com
mlkrborn
13 years ago
Deatils of agreement with government about capital raising:
Allied Irish Banks Agrees Final Terms On Capital Raising Deal
LONDON -(Dow Jones)- Allied Irish Banks PLC (AIB), the troubled banking group, Friday said it has concluded discussions with the Government and has agreed the final terms of its capital raising transaction, pursuant to which it proposes to raise EUR5 billion of equity share capital from the National Pensions Reserve Fund Commission and up to EUR1.6 billion by the issue of contingent capital notes to the Minister for Finance.
MAIN FACTS:
-The capital raising will comprise an equity placing of ordinary share capital of EUR5 billion to the NPRFC an issue of new ordinary shares for cash at a price of EUR0.01 per share.
-The Contingent Capital Notes Issue will comprise an issue of contingent capital notes for cash, which will be subordinated tier 2 capital instruments with a five year and one day maturity denominated in units of EUR1,000, issued at par with an aggregate principal amount of up to EUR1.6 billion.
-The proceeds of the Placing, the Contingent Capital Notes Issue and the Capital Contribution will be used to fund the day-to-day operations of the Group.
-In certain circumstances, including if AIB's Core Tier 1 Capital ratio falls, or is likely in the opinion of the Central Bank to fall, below 8.25%, the Contingent Capital Notes will convert immediately and mandatorily in their entirety into ordinary shares at a conversion price of EUR0.01 per Ordinary Share.
-The Contingent Capital Notes carry a fixed annual mandatory interest rate of 10% of the principal amount, but this may be increased by the Minister up to a maximum amount of 18% per annum if the Contingent Capital Notes are to be sold by the Minister.
-It has been indicated to AIB by the Minister that it is his intention that any portion of the PCAR Requirement that has not been satisfied by the Capital Raising, other capital generating exercises undertaken by AIB and EBS and any further burden-sharing with the Group's subordinated debt holders, will be satisfied by way of a capital contribution to be made by the State to AIB once the Minister is satisfied that an appropriate level of burden-sharing has been achieved with the Group's subordinated debt holders.
-Shares at 1414 GMT up EUR0.01, or 5.6%, at EUR0.15 valuing the company at EUR1.84 billion.
-By Peter Evans, Dow Jones Newswires; 44-20-7842-9308; peter.evans@dowjones.com
(END) Dow Jones Newswires
07-01-11 1032ET
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