Bank of Ireland mandag
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Mandag den 4. marts aflægger Bank of Ireland årsregnskab for 2012, og set i lyset af den senere tids forlydende om bedring i den irske økonomi kunne det godt blive et interessant regnskab - og måske også et fingerpeg om, hvordan Danske Banks irske eventyr har det.
Overskrifterne for BoIs regnskab på mandag er:
- Reduktion af lånebogen bl.a. ved frasalg af låneportefølje til f.eks. PensionDanmark og overførsel til NAMA (irsk skraldespand)
- Forøgelse af indlån bl.a. gennem samarbejde med UK Post Office
- Reduktion af behovet for funding
- Stram styring af omkostninger
- Kvaliteten af låneporteføljen - restrukturerering af boliglån
- Udløb af Eligible Liabilities Guarantee Scheme (ELG) ved udgangen af marts
Og sikkert meget andet - nu er jeg jo ikke bankmand men blot en glad amatør
Regnskabet kommer her:
http://www.bankofireland.com/about-boi-group/investor-relations/financial-information/year-end-results-2012/Præsentation fra Bank of Ireland, januar 2013:
http://www.bankofireland.com/fs/doc/wysiwyg/boi-storyboard-22jan2013.pdfOverblik over den irske økonomi november 2012
http://www.bankofireland.com/fs/doc/wysiwyg/irish-economy-overview-nov2012.pdfOm Bank of Ireland
http://en.wikipedia.org/wiki/Bank_of_IrelandIrsk økonomi i bedring
http://borsen.dk/nyheder/oekonomi/artikel/1/251494/irland_faar_afgoerende_haandsraekning_fra_ecb.html
http://borsen.dk/nyheder/generelt/artikel/1/252986/krisen_ser_ud_til_at_vende_i_irland.html
http://www.bloomberg.com/news/2013-02-28/dublin-home-prices-rise-on-year-for-first-time-since-2007.html
http://www.bloomberg.com/news/2013-02-27/irish-payrolls-rise-for-first-time-since-2008-on-recovery-1-.htmlOphør af ELG:
http://www.bloomberg.com/news/2013-02-26/ireland-said-to-decide-to-lift-bank-guarantee-by-end-march-1-.html -
Mere læsning om irske banker:
A Preliminary Report on The Sources of Ireland's Banking Crisis (fra 2009):
http://www.bankinginquiry.gov.ie/Preliminary Report into Ireland's Banking Crisis 31 May 2010.pdfOm likvideringen af Anglo Irish Bank og konvertering af promissory notes til langfristet gæld fra 7. feb. 2013:
http://dealbook.nytimes.com/2013/02/07/ireland-to-liquidate-anglo-irish-bank/
http://www.bbc.co.uk/news/business-21361339
http://news.sky.com/story/1048826/ireland-secures-debt-deal-on-anglo-irish -
Irland har idag solgt for 5 mia EUR national gæld med 10-årig løbetid til en rente på omkring 4,15%. Det lyser i det irske.
På LSE er Bank of Ireland (BKIR.LSE) kommet fri af toppen fra februar 2012, og har dermed formet den fineste dobbeltbund.
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Ja og det kan få en positiv indvirkning på især danske bank også.
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De irske forbrugere hænger stadig noget med skuffen. Her er seneste Consumer Sentiment Index fra februar:
Kommentarer til februartallene:
http://www.esri.ie/irish_economy/consumer_sentiment/latest_consumer_sentiment/?Og indexets udvikling helt tilbage fra 1996:
http://www.esri.ie/irish_economy/consumer_sentiment/latest_consumer_sentiment/CSI_IndicesFebruary13.pdfDet bliver interessant at se, om de seneste positive makro-nyheder får irerne til at se lysere på fremtiden i de kommende måneder, eller om de irske forbrugere stadig er så meget under pres, at der ingen stigning finder sted.
Der var også en nyhed vedr. boligfinanserne i Irland idag:
"Irish central bank figures published last week showed that 94,488 principal residential mortgages, or almost 12% of all such loans by number in the Irish republic, were in arrears for more than 90 days at the end of December 2012.
A further 42,031, or 5.3% of home loans, were not in arrears, but had nonetheless been restructured, suggesting a very large number of borrowers had faced some sort of difficulty in meeting the original terms of their mortgage loan agreements. Separately, 28,421 residential buy-to-let properties, or about 19% of all such loans, were also in arrears at the end of December."
...
"The Irish central bank said it will force lenders, including Allied Irish Banks PLC, Bank of Ireland PLC and Permanent TSB, which received large amounts of Irish taxpayer aid, to review all their residential home loans. And it will impose sanctions on lenders in 2014 that continue to fail to strike deals on loans the central bank believes are "unsustainable"."
Den sidste del er vist mest til brug for irsk indenrigspolitik - det er i hvert fald elastik i metermål.
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Jeg har ellers været ret skeptisk overfor danske bank, men jeg prøver at finde en undskyldning for at investere i europæiske banker, men kan ikke finde ud af noget der rigtigt holder.
Har du selv nogle interessante positioner?
Og tak for godt indhold!
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Nej, jeg mangler noget bank i porteføljen, men jeg har (som den opmærksomme læser nok har bemærket) et ret godt øje til Bank of Ireland med lang horisont (>5 år).
Dels pga. af de fremskridt Bank of Ireland gør i forhold til at gøre banken rentabel igen, dels pga. bedringen i den irske økonomi og fremtidsudsigterne for den irske økonomi (demografien siger 35% under 25 år, økomomien er i udpræget grad eksportorienteret).
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Lidt om planlagte rentestigninger på Bank of Irelands UK mortgages fra 28. feb:
Thousands face Bank of Ireland UK mortgage rate rise
Thousands of mortgage borrowers with Bank of Ireland and subsidiary Bristol and West will see the cost of their home loan nearly double, despite steady interest rates.
BBC News (www.bbc.co.uk)
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Interessant artikel vedr. den irske manøvre med konverteringen af promissory notes til langfristet gæld den 7. feb. 2013:
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Nye tal for den irske økonomi for året 2012 fra An Phríomh-Oifig Staidrimh også kendt som Central Statistics Office:
Quarterly National Accounts:
http://www.cso.ie/en/media/csoie/releasespublications/documents/economy/2012/qna_q42012.pdfBalance of International Payments:
http://www.cso.ie/en/media/csoie/releasespublications/documents/economy/2012/bop_q42012.pdfFor hele året 2012 lander den irske økonomi på:
GDP vækst på 0.9%
GNP vækst på 3.4% (!)Den irske GNP afspejler et stort inflow, da mange firmaer har hovedkvarter i Irland grundet den lave selskabsskat.
"The Value added of the Distribution, Transport, Software and Communications sector increased by 3.1 per cent in volume terms in 2012 compared to 2011 while the Other Services sector registered an increase of 0.2 per cent over the same period. Industry (including building and construction) also registered a small increase of 0.3 per cent in real terms in 2012 compared to 2011. Agriculture, Forestry and Fisheries declined by 10 per cent while Public administration and defence decreased by 4.2 per cent over this period." (fra ovenstående link - det øverste)
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Pilar III indberetning:
Indeholder detaljeret gennemgang af Bank of Irelands kapitalgrundlag, risikoprofil og processer for analyse af risici.
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Moody bekræfter Irlands junk-status (Ba1/NP negative outlook):
RATIONALE FOR MAINTAINING IRELAND'S NEGATIVE RATING OUTLOOK
The first driver underlying Moody's decision to maintain a negative outlook on Ireland's Ba1 sovereign rating is the country's susceptibility to euro-area-related event risk because of its very high debt levels and ongoing asset quality issues affecting its banking system. Such risks were most recently evidenced by the EU's unprecedented decision to fund Cyprus's financial rescue by imposing a levy on bank deposits above a certain size. The move has significantly heightened fears surrounding the safety of bank deposits in other European systems. More generally, Moody's believes that Ireland's vulnerability to wider euro-area stresses has been reaffirmed by Euro area policymakers' handling of the Cyprus crisis, the increased risk tolerance apparent in their actions, and the uncertain risk assessment prompted by a more uncompromising and less predictable approach to crisis management.The second driver for maintaining Ireland's sovereign rating on negative outlook is the continued poor asset quality of Ireland's banking system, which represents a constraint on their willingness to provide new credit at such time when loan demand revives. In addition, Moody's notes that Irish banks have not yet begun implementing the Central Bank of Ireland's new requirement to repossess homes when mortgages have been non-performing for a lengthy period, nor to adequately provision for their non-performing portfolios. Moody's baseline case is that Irish banks' large capital cushions should be able to accommodate this process without additional liabilities accruing to the government's balance sheet.
RATIONALE FOR AFFIRMING IRELAND'S Ba1/NP RATINGS
The primary driver underpinning Moody's decision to affirm Ireland's Ba1/NP sovereign ratings is the government's successful implementation of the Troika's economic adjustment programme, which began in November 2010 and is coming to an end later this year. From the start, the Irish government has consistently met and in some respects exceeded the quarterly programme criteria, despite difficult domestic and external conditions. Moody's expects that Ireland's debt will likely peak at roughly 120% of GDP in 2013 and 2014, before starting to drop in 2015, thereby reversing the adverse debt trend of the recent past.The second driver informing the rating affirmation is the steady progress that Ireland has made in gradually regaining market access at an affordable cost of financing. The Irish government has made several forays into the market since January 2012, first to swap shorter-term for longer-term debt to reduce early refinancing risks, and then to obtain new funds in successive medium-term bond issues. This progress, which most recently culminated in a well-received ten-year bond issue, has allowed Ireland to meet all of its financing needs for 2014. In addition, Moody's observes that refinancing risks will diminish further in subsequent years as a result of (1) the restructuring of the government's promissory note debt, which was incurred when the sovereign extended support to the Irish banking system in 2010, and (2) the agreement with the EU to extend bailout maturities.
The third driver for maintaining Ireland's sovereign rating is Moody's expectation that Ireland's economy will be able to grow at a moderate pace in the coming years, although the initial pace is likely to be below its long-term potential. Thanks to the dynamism and high Value added of the country's export sector, the relatively diversified export markets and the improved competitiveness that have been achieved via nominal wage adjustments, Moody's expects that growth in Ireland is likely to remain positive this year, even though the rating agency expects the Euro area economy as a whole to register a second consecutive contraction in 2013.
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IMF review af Irland:
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Interessant undersøgelse af irernes brug af checks og cash. Der er basis for effektiviseringer og besparelser ved øget brug af elektroniske betalingsformer.
"Effective, safe and efficient payment systems are important to facilitate real and financial transactions in advanced economies, though the choice of payment channel differs widely across Europe. Ireland has the second highest usage of cheques in Europe, the highest ATM withdrawal per capita and still pays out half of all social welfare payments in cash. Cheques are a very expensive form of payment, and much less efficient than debit cards. Ireland could save up to €1bn per year by migrating to more efficient payment instruments. One impediment to a faster migration is that the pricing of payments in Ireland is not commensurate with the cost of provision. Only 46% of the costs of providing cash and cheques services are recouped by banks, with significant crosssubsidisation at the expense of electronic payments. "
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Nye tal for consumer confidence for marts måned. De irske forbrugere er fortsat i tænkeboks.
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BoI udvider samarbejdet med UK Post Office:
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Kommissionens review af den irske økonomi. Som ikke overraskende ligger meget på linje med IMFs seneste review.
http://ec.europa.eu/economy_finance/publications/occasional_paper/2013/pdf/ocp131_en.pdf
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Opdatering fra Bank of Ireland efter udløb af ELG programmet.
De er i mål i forhold til Loan to Deposit ratio på 120%, og de har nået deres 'steady-state' lånevolumen på 90 mia EUR.
I forgårs ramte rente på den irske 10-års statsobligation 3,48%, hvilket er det laveste niveau siden 2006.
Irish bond yields drop to pre-crash levels
Slide in borrowing costs was part of EU bond rally linked to speculation about rate cut
The Irish Times (www.irishtimes.com)
Alt i alt, er det svært at bevare pessimismen.
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