Author Archives: admin
I have been appointed Chief Europe Strategist at Trend Macrolytics LLC and due to the work commitments this will involve have decided to close this site. Thank you to the regular, and occasional readers, for your support and comments. If … Continue reading
Irish Central Bank Comfort.
The Irish Central Bank today released its annual report for 2010. This blog has concentrated on the oddity that is the ELA provided by the Irish Central Bank for a while, so some of the comments made in the report … Continue reading
ECB increases haircuts on Portuguese sovereign debt..
This could be a reaction to this article in Der Speigel Or, it could be because the EU had to raise €4.75bn for Portugal today. But, whatever the reason, the ECB today increased the haircuts on all Portuguese Sovereign Debt … Continue reading
Figures just released by the Irish Central bank show that use of its Emergencgy Liquidity Assistance (ELA) has fallen to end of April to €54.1bn, from €66.8bn in March. Full spreadsheet is available here There was also an €8bn reduction … Continue reading
AIB Subbie Fire
AIB announce a buyback offer for all its outstanding Tier 1 and Tier 2 securities: Description of the Notes Common code/ISIN Outstanding nominal amount Amount subject to the AIB Offer Tender Purchase Price £350,000,000 Subordinated Callable Fixed/Floating Rate Notes … Continue reading
Democratic deficit to get deficitier
This blog tends to stay away from politics, it is not really my area, and tends to lead to discussions based on ideology rather than fact. But, there seems to be some political movements in Europe at the moment that … Continue reading
Things getting (not) better.. [updated]
Back in January I wrote a bit about the FRNs that the Irish banks were issuing them selves (see here too) At the time, my thinking was that the bonds would be a mechanism through which the Irish banks would … Continue reading
Anyone for a conspiracy theory?
******CONSPIRACY THEORY ALERT!!****** I don’t normally go for conspiracy theories, but two recent blogposts have led me to come come up with an (interesting, but probably completely false) proposition. The first blogpost is this excellent (tongue in cheek) one from … Continue reading
LCH Clearnet Margin increase..
.. and a possible feed through to the Spanish banks. Today LCH Clearnet increased the margin required on Portuguese sovereign debt from 15% to 25%. (H/T @ftalpha) So, what might this have to do with Spanish banks? Possibly not much, … Continue reading
Irish Central Bank ELA - Small drop = no drop
Latest figures from the Irish Central bank show a small fall in the level of Emergency Liquidity Assistance to the end of March. It now stands at €66.79bn, down from €70bn at the end of February. That there is a … Continue reading