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Santander offers to buy Poland's Bank Zachodni
5:49a ET February 7, 2011 (MarketWatch)
MADRID (MarketWatch) -- Banco Santander SA on Monday made an offer to buy 100% of Polish Bank Zachodni WBK SA, in a statement released to regulators. Santander has offered 226.89 zloty a share (58.74 euros) or ?4.29 billion euros ($5.83 billin). Santander said the offer forms part of its agreement reached with Allied Irish Bank PLC last September to buy its 70.36% stake in the Polish bank for ?2.9 billion. Santander said the offer runs from Feb. 24 to March 25. The deal is subject to regulatory approval in Poland, where Santander is still waiting for approval for its bid for the 70%-plus stake owned by AIB.
looks like the market likes the news
should be no BK talk now imo
ty
link plz
ty
For immediate release 7 February 2011
Allied Irish Banks, p.l.c.
Ratio Change for ADS Holders
To maintain an appropriate price range for the Allied Irish Banks, p.l.c, ("AIB") (NYSE:AIB) American Depositary Shares ("ADSs") representing Ordinary Shares trading on the New York Stock Exchange ("NYSE"), AIB intends to change the current ratio of one (1) ADS representing two (2) Ordinary Shares to one (1) ADS representing ten (10) Ordinary Shares.
This follows upon notification by the NYSE to AIB that the average closing price of an ADS was less than $1.00 over a consecutive 30 day trading period and was thus considered "below criteria" by the NYSE under its continued listing standards.
The change in ratio referred to above is intended to be taken by AIB in order to remedy the situation and restore AIB's compliance with the NYSE's continued listing standards.
Ditto you C comment! I wish that I had held on to my < $1 C longer than I did but I had to sell to dabble in other stocks...LOL wish I had pulled the trigger on LVS back then.
Hopefully the delisting to ESM in Ireland is all that will happen and it won't be knocked off the big boards here in the USA
Almost 80 cents pre-market nice!
Nice, more driving down of the share price to load up... this reminds me of Citi back in the dark days!!!!
Also someone posted that AIB would be delisted seems like a rumor no SEC filing by now means it is not real imo.
Irish Banks ratings lowered; especially two reduced to Junky status:
Irish Banks Downgraded To Junk Following Sovereign Rating Cut
12:25p ET February 2, 2011 (Dow Jones)
Irish Banks Downgraded To Junk Following Sovereign Rating Cut
LONDON (Dow Jones)--Two of Ireland's main banks' counterparty credit ratings were downgraded to junk by Standard & Poor's Corp. Wednesday, following the ratings company's downgrade of the sovereign to A- from A because of uncertainty surrounding the financial sector.
S&P said another downgrade to the sovereign is possible as long as the question remains over how much money will be needed to repair the banking sector.
Allied Irish Banks' counterparty credit rating was lowered to BB/B from BBB/A-2, while Bank of Ireland's rating has been downgraded to BB+/B from BBB+/A-2.
Anglo Irish Bank Corp.'s counterparty credit rating was downgraded to B-/C from B/B.
The agency noted there is the potential for further downgrades.
Analysts at Daiwa Capital Markets said the market impact "has been negligible given the already distressed prices at which sovereign and bank debt trades."
They said senior bank bondholders are more likely to be interested in forthcoming elections and the possibility of having losses imposed on them should the current opposition win power.
-By Irene Chapple, Dow Jones Newswires; 44 207 842 9291; irene.chapple@dowjones.com
Great seeing green on a Friday!
S&P cuts Ireland credit grade over bank debt fears
S&P cuts Ireland's credit rating over fears that Dublin's banking black hole could get bigger
Shawn Pogatchnik, Associated Press,
DUBLIN (AP) -- Ratings agency Standard & Poor's cut its credit grade for Ireland on Wednesday and warned it could fall further because of doubts about the true scale of defaulting loans yet to surface in the country's largely state-owned banks.
S&P joined fellow agencies Moody's and Fitch in dropping Ireland's credit score following the nation's November negotiation of a potential euro67.5 billion ($93 billion) credit line from the European Union and International Monetary Fund. Ireland already has drawn down euro8.4 billion ($11.6 billion) this year from that rescue fund -- and plowed much of it straight into the cash-strapped coffers of Dublin banks.
Still, S&P's reduction Wednesday was just one notch to A minus, one step above the multi-grade cuts imposed last month by Moody's and Fitch. Both dropped Ireland into the higher-risk BBB tier in the immediate wake of the EU-IMF bailout deal. The BBB level is considered the lowest investment-grade rating, whereas BB and lower indicate "junk bond" status.
S&P senior analyst Frank Gill warned the agency could also drop Ireland's rating somewhere into the BBBs in April, once a new Irish government settles in and the impact of the current infusion of EU-IMF cash into Dublin banks can be assessed.
The S&P announcement coincided with Wednesday's formal launch of campaigning for Ireland's Feb. 25 election. The free-market government of Prime Minister Brian Cowen -- who presided over the country's spectacular collapse from Celtic Tiger success in 2007 to a bank-crippled debtor today -- is universally forecast to be ousted from power in favor of a left-leaning coalition.
The two parties expected to form the next coalition government, Fine Gael and Labour, are both campaigning on promises to reopen negotiations with the EU and IMF to loosen some of the strings attached to the aid deal.
Both question Cowen's determination to slash euro15 billion ($21 billion) from the economy over the next four years through spending cuts and tax hikes. Troublingly, the two would-be government partners criticize Cowen's brutal austerity effort from opposite extremes, with Fine Gael favoring more cuts and Labour insisting on more taxes for the rich.
Gill warned that Ireland's economic forecasts presume that the total bank-bailout bill funded by taxpayers won't top euro50 billion ($70 billion) while the current unemployment rate of 13.4 percent -- near a 17-year high -- will stabilize in 2011 and decline in 2012.
He noted the total debts of the six Irish banks -- Allied Irish Banks, Bank of Ireland, Irish Life & Permanent, Anglo Irish Bank, Irish Nationwide and Educational Building Society -- actually approach euro275 billion ($375 billion), more than 170 percent of Ireland's gross domestic product.
"Irish domestic banks currently depend almost entirely on the (European Central Bank) to refinance expiring market debt," Gill said.
"Were the labor market to deteriorate further, a rise in the level of delinquencies in the domestic banks' mortgage books could result in higher new capital requirements than we presently assume," Gill said.
On the flip side, he said Ireland's prospects would be boosted if European Union leaders agree to change its bailout rules, which currently require donors to tack a profit margin on its loans of approximately 3 percentage points.
That means Ireland's EU-IMF loan package comes with an average interest rate of 5.8 percent rather than the donors' actual financing costs of 2.8 percent. This premium will add tens of billions to Ireland's annual deficits, which last year soared to a modern European record of 32 percent of GDP.
European leaders are also planning to discuss this week possible bailout-rules reforms that would make it easier for governments to negotiate hefty discounts on repayments to a bank's foreign creditors. Ireland so far has repaid tens of billions to those banks and hedge funds rather than risk poisoning the country's credit worthiness with a major default.
Ireland's government and main opposition parties remain publicly committed to a goal of slashing the deficit to just 3 percent of GDP by 2014, the limit that eurozone members are supposed to observe.
But that plan presumes Ireland's economy will grow by at least 2 percent each year, whereas the most recent forecasts from the Irish Central Bank and the Economic and Social Research Institute, Ireland's main think tank, expect much weaker growth if any in 2011.
There is some merit to your assumption that overall Irish bank news relates to AIB as well as the other banks. The actions of the Irish government and the EU tends to affect them all even though the specifics relating to each individual bank differ.
It is not a pretty picture for any of the Irish banks at the moment along with a number of other banks in Europe.
No prob, its just a close name and can get confusing AIB has a lot more going for it in all aspects than anglo ever will imo.
AIB will bounce up at some point.
Good luck
My mistake. apologies.
It was my assumption the news was of interest because it attempts to explain the movement for Irish banks overall on the market.
IMO
Why are you posting off topic bank news?? the banks listed in that article have nothing to do with "Allied Irish Banks".
Each situation is differnt with each bank imo.
Reporting 2morrow,
http://stockcharts.com/h-sc/aig
AIB to hold AGMs for shareholders despite exiting main listing
From this morning, AIB will begin trading on the Enterprise Securities Markets (ESM), a junior index of the main Iseq which caters for smaller companies. Photo: Getty Images
By Laura Noonan
Wednesday January 26 2011
AIB exited the main listing of the Irish stock exchange last night, but the bank confirmed that it will still hold annual general meetings (AGM) for its thousands of shareholders.
From this morning, AIB will begin trading on the Enterprise Securities Markets (ESM), a junior index of the main Iseq which caters for smaller companies.
The bank, which was worth over €24bn at its peak, had a value of less than €432m when it limped off the main Iseq last night. Just 8pc of this -- with a value of less than €54m -- was owned by its thousands of private shareholders.
The remainder is effectively owned by the Government, following the December 23 bailout. The high percentage of government-ownership is the main reason the bank has exited the main listing.
While ESM-listed companies typically have lower reporting requirements than their peers on the main Iseq, AIB has publicly confirmed that it will continue to disclose extensive information to shareholders and analysts.
A spokesman for the bank yesterday confirmed that AIB would continue to hold AGMs and to issue notices of these AGMs to all shareholders.
The bank's recent shareholder meetings have borne witness to the despair of pensioners who have lost everything and the fury of former staffers who've seen their once-mighty bank in ruins.
- Laura Noonan
Irish Independent
2/1/11: Lenders on deadline to submit restructure plans to EU
http://www.independent.ie/business/irish/lenders-on-deadline-to-submit-restructure-plans-to-eu-2518842.html
Tuesday February 01 2011
RESTRUCTURING plans for Anglo Irish Bank and Irish Nationwide were submitted to the European Commission (EC) at the eleventh hour last night, enabling Ireland to meet the first banking deadline of its bailout package.
At 6pm Brussels time, European Commission sources said the plan had still not arrived.
Sources at the Department of Finance last night confirmed the plans would be dispatched to Brussels by the end of the night.
Under the terms of Ireland's €85bn European and International Monetary Fund (IMF) bailout, plans to wind down both banks had to be submitted to the EC by last night.
The plan for Nationwide was agreed at a board meeting on Thursday and then submitted to the Department of Finance, a spokeswoman said yesterday.
A spokeswoman for Anglo, which is headed by chief executive officer Mike Aynsley and chairman Alan Dukes, declined to comment, but it is understood that the bank's plan was also submitted to the department in recent days.
Limited contact between the department and both banks took place yesterday, before the plans were sent to Brussels for approval.
A spokeswoman for the EC's competition division declined to comment on the likely timeframe for a decision on the plan, but the Commission is expected to act swiftly.
Deposits
The plan involves off-loading about €16bn of deposits from Anglo and Irish Nationwide to the healthier Irish banks.
The institutions' €39bn loan book will be wound down over a number of years, either through a merged entity or through a mooted 'NAMA 2' that would work out loans from several banks.
The Government is believed to be keen to minimise job losses across Anglo, which employs about 1,000 staff, and Nationwide, which has a headcount of 450.
Some staff are expected to move across to the banks that take over Anglo and Irish Nationwide's deposits, under transfer of undertakings legislation.
Hundreds of jobs are expected to be lost, however, as duplicated functions like IT and administration are rationalised and the institutions' loan books are wound down.
2/1/11: Ireland submits Anglo Irish, Irish Nationwide plans
http://www.reuters.com/article/2011/02/01/uk-ireland-banks-idUKTRE71034Y20110201
(Reuters) - Ireland submitted restructuring plans for state-run Anglo Irish Bank ANGIB.UL and Irish Nationwide IRNBS.UL to the European Commission late on Monday, meeting its first major banking deadline under an IMF/EU bailout.
Dublin has pledged to radically restructure its troubled banks, at the root of its financial crisis, and was told to submit plans detailing how it would seek to minimise capital losses arising from the wind-down of the two "non-viable" institutions by the end of January.
A spokesman for the finance ministry confirmed on Tuesday that department officials had sent the plans to Brussels late on Monday night.
Ireland so far estimates that recapitalising nationalised Anglo Irish will cost the state between 29.3 and 34.3 billion euros (£25 and £29 billion) while it has already poured 5.4 billion euros into building society Irish Nationwide.
Officials have said they plan to transfer the deposit books of both banks to other lenders. Ireland's central bank governor said late last year that Anglo's loan book would then be wound down over a period of years.
Propping up Anglo Irish, hit by reckless lending and scandal, helped to push Ireland's already large budget deficit to an eye-watering 32 percent of gross domestic product (GDP) last year.
Under the terms of the EU/IMF agreement, Ireland will be given 35 billion euros for its banks, with 10 billion euros to be injected immediately and the remainder used as a backstop for any future losses arising out of property loans written during the go-go years of the "Celtic Tiger" economy.
Agreed... and it's now old news.
Let's try to find something for sticky with recent news. I think you can have up to four posts listed.
The article doesn't really tell us anything about the content of the bill.
Seanad passes Finance Bill
The Finance Bill did not have to go to the Dáil last night after the Seanad passed the Bill by 30 votes to 20 without accepting any Opposition amendments.
The closest vote was on bank bonuses when the three Green Party senators voted against the Government on the Labour Party recommendation seeking to identify all bank executives, employees and contractors who had received bonuses from State covered institutions since the bank guarantee was introduced in September 2008. The provision was defeated by 26 votes to 25.
Investor, if you'd like an assistant, I'll gladly volunteer.
Da Stock...GREAT PIC!!!!!!! :)
Are we going to break through .80 today? I'm glad to see this rocket back on the rebound after the downlisting to the ESM shake.
Are we going to break through .80 today? I'm glad to see this rocket back on the rebound after the downlisting to the ESM shake.
That would be great!
Can we have that info posted on sticky?
What Senate passed what bill?
Ok Dad
Here's the link it's from an Ireland news site.
http://www.finfacts.ie/irishfinancenews/article_1021479.shtml
Sorry I did not get back sooner to much to do on the weekend.
Thanks for the info. For the record it was pretty fricking confusing.
I don't often trade companies outside USA, and therefore I assumed delisting was going to be full circle. Additionally, it was never clarified in the press releases. Hard to swallow you're implying folks are "bashing"....
And quite frankly, that information would've been far more helpful "in the moment" when people were confused, not days later.
...just saying.
Thanks again DAD2 for bringing it up.
Senate PASSES Bill, Huge NEWS for Ireland and AIB and IRE.
Watch for these to start to move to the upside any day.
lol!!
bite your tongue.
hahahha Actually I'm guilty of such rumors on AIB; I merely assumed NYSE was inevitable. Thanks again for bringing this to light.
Yes me either, and no response frome Buell might mean he might have not read all the filings, whats next?
Maybe start a rumor that IRE will be delisted too !!!
?? I can't find confirmation of delisting on NYSE in the press releases - amazing we didn't research this earlier!
<slaps forehead> !!!!
Do we have enough information to determine if they'll meet requirements?
HERE ARE THE RULES:
https://listingcenter.nasdaqomx.com/Show_Doc.aspx?File=FAQsContinued.html
Here is AIB investor relations link:
http://www.aibgroup.com/servlet/ContentServer?pagename=AIB_Investor_Relations/AIB_Article/aib_d_article&c=AIB_Article&cid=1096576947108&channel=IRCE#bookmark_2
I'll call the following first thing tomorrow morning...
For holders of ADRs in the United States:
The Bank of New York
Investor Services
PO Box 11258
Church Street Station
New York, NY 10286-1258
Tel: +1 212 815 3700
Email: shareowners@bankofny.com
Website: http://www.stockbny.com
You say this will be delisted from the NYSE, do you have any documents to back that up?
This will be moved from the exchanges in London and Ireland.
http://www.investors.com/NewsAndAnalysis/Newsfeed/Article/125272198/201101250819/AIB-Admission-to-trading-on-the-Enterprise-Securities-Market.aspx
Allied Irish Banks: Today, AIB, which was formed in 1966, through a merger of the Provincial Bank of Ireland, Royal Bank of Ireland, and Munster & Leinster Bank and reported its first loss in respect of 2009, will be delisted from the main market of the Irish Stock Exchange.
It will also delist from the New York and London Stock Exchanges.
In Dublin, AIB moves to the small companies section and from a value of €24bn at the height of the bubble, the once proud European bank, closed in Dublin on Monday with a value of €28m, with a share price of just over 26 cent.
The State will own about 92% of AIB following completion of further capital injections.The High Court ordered the delisting in December when the Minister for Finance used new emergency banking powers to inject €3.7bn in to the bank from the National Pension Reserve Fund.
Goodbody's Eamonn Hughes commented today: "AIB last night indicated it had received €2bn of acceptances for its €3.9bn lower tier 2 liability management exercise. The transaction (at 30c) will generate €1.4bn of core tier 1 gains for the bank and eat into the outstanding €6.1bn of core tier 1 capital required to be raised by the bank after the last capital assessment by the Financial Regulator.
Shares
DUBLIN, IRELAND--(Marketwire - 01/25/11) - As previously announced on 23rd December 2010, Allied Irish Banks, p.l.c. ("AIB") (NYSE:AIB - News) will cease trading on the Main Securities Market (MSM) of the Irish Stock Exchange and the London Stock Exchange and will instead be listed on the Enterprise Securities Market (ESM) of the Irish Stock Exchange prior to market opening on 26th January 2011.
The proposed move to the ESM should not impact shareholders' ability to buy or sell shares. Shares trading on the ESM can be bought or sold through the normal channels, including a wide range of brokers and there will be no delay in terms of trading days between delisting from the MSM and relisting on the ESM. Shareholders will continue to be able to view the latest AIB share price, including on the AIB website.
It's being bumped down to something called the Irish ESM board.....no longer gonna be listed on the primary Irish board like it is now. I'm not familiar with the Irish stock market but am curious how that might impact us US traders.
Im Switching some stuff around ie: selling some stuff for profit of course, MIC, and I am loading up one of the few remaining bargains out there, AIB.
The ADR is not going to be delisted, it's business as usual. The Company has raised part of the funds required, the rest will come from unknown source.
A magnificent opportunity to own AIB at soon never to be seen again prices.
I can also say the same for FNMA and FMCC.
GL
Not sure I follow ya,care to clue me in?
So will we still be able to trade this as "AIB" from the United States when it's moved to the ESM market?
Irish lower house passes first vote on finance bill
DUBLIN | Wed Jan 26, 2011 7:21am EST
DUBLIN Jan 26 (Reuters) - Ireland's lower chamber approved by 80 votes to 78 the first vote on a fiscal bill central to an EU/IMF bailout on Wednesday averting the government's immediate collapse.
The finance bill is the final piece of legislation underpinning a 2011 austerity budget and Cowen has pledged to call an election after the law passes through both houses of parliament, expected on Saturday.
(Reporting by Carmel Crimmins and Yara Bayoumy)
http://www.reuters.com/article/idUSDUB00331420110126?loomia_ow=t0:s0:a49:g43:r1:c0.621739:b41282248:z0
Took a small position in AIB at .75 today.
I'm just looking for maybe a possible entry around the bottom BB.
Is there anyone out there that can decipher this gobbledygook?
My best guess.... Bend over.... You're f'cked!
Post from UK, on a separate discussion board (I've not confirmed with Barclays, but it makes perfect sense):
This stock is due to be delisted from the LSE Main Market on Tue/Wed and transfer to the ISE Entreprise Exchange. If you hold this within a Barclays ISA, Barclays will give you 2 or 3 weeks to sell it or they will sell it in bulk.
This means you need not take today's low price. The stock may recover somewhat in the time between Wednesday and the bulk sell.
Care to expand on that post?
Like, say, a hint of logic, purpose, or reason?
The entire government is in shake down mode, AIB to be removed from the exchange, potential news on the sales of bonds...
yup, lots of news, lots of big news...already here.
??????????
http://www.irishtimes.com/newspaper/finance/2011/0122/1224288086650.html
The agency is acquiring up to a further €16 billion worth of individual loans of less than €20 million owing by debtors at Allied Irish Banks and Bank of Ireland.
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