Anglo-Irish Bank Annual Report
This post was written by Philip Lane
The annual report of Anglo Irish Bank has just been published and you can download it here.
This post was written by Philip Lane
The annual report of Anglo Irish Bank has just been published and you can download it here.
February 20th, 2009 at 4:26 pm
Please take note of the “Yen financing” note on page 159. Cost of switching from GBP basis to JPY basis cost them gbp156mio when they finally unwound it in January. Working off the 29% fall in GBP/JPY over the Sept-Jan period, this means a likely 500mio nominal. This is the sort of strategy used by a highly risk taking investment bank or hedge fun, not a commercial bank. Insane.
February 20th, 2009 at 6:45 pm
The debate on Anglo and related issues between Ulick McEvaddy and Joe Higgins on Pat Kenny that accompanies RTE’s coverage of the Anglo report is worth listening to.
http://www.rte.ie/news/2009/0220/banks.html
February 20th, 2009 at 11:04 pm
And the PWC report can be found here http://www.finance.gov.ie/documents/publications/other/2009/Anglopwc.pdf