Comments on: PWC’s Stress Tests http://www.irisheconomy.ie/index.php/2009/05/29/pwcs-stress-tests/ Sun, 19 May 2013 20:36:02 +0000 http://wordpress.org/?v=2.6.3 By: The Irish Economy » Blog Archive » Government Banking Inquiry Proposals http://www.irisheconomy.ie/index.php/2009/05/29/pwcs-stress-tests/#comment-32535 The Irish Economy » Blog Archive » Government Banking Inquiry Proposals Tue, 19 Jan 2010 20:29:35 +0000 http://www.irisheconomy.ie/?p=2450#comment-32535 [...] of the problem facing our banks and the advice they received from outside sources such as PWC (see here and [...] [...] of the problem facing our banks and the advice they received from outside sources such as PWC (see here and [...]

]]> By: The Irish Economy » Blog Archive » The Morning After http://www.irisheconomy.ie/index.php/2009/05/29/pwcs-stress-tests/#comment-11222 The Irish Economy » Blog Archive » The Morning After Fri, 31 Jul 2009 10:57:31 +0000 http://www.irisheconomy.ie/?p=2450#comment-11222 [...] values.  If these people are anywhere near as optimistic as previous government advisers such as PWC, then perhaps there won’t be much need to engage in so much long-term value chicanery to [...] [...] values.  If these people are anywhere near as optimistic as previous government advisers such as PWC, then perhaps there won’t be much need to engage in so much long-term value chicanery to [...]

]]> By: Stuart Blythman http://www.irisheconomy.ie/index.php/2009/05/29/pwcs-stress-tests/#comment-8292 Stuart Blythman Fri, 29 May 2009 19:52:30 +0000 http://www.irisheconomy.ie/?p=2450#comment-8292 @Ahura I wasn't defending PWC, merely trotting out their predictable defence. I am an accountant, I worked for KPMG. I know how these guys work, make sure you cover your back. The government should never have used the report, not the public one anyway. I'm sure a good banker or accountant could have spotted the trainwreck that was Anglo back in December. No one wanted to. I still wonder how bad it would have been to let them go under. @Ahura
I wasn’t defending PWC, merely trotting out their predictable defence. I am an accountant, I worked for KPMG. I know how these guys work, make sure you cover your back.

The government should never have used the report, not the public one anyway. I’m sure a good banker or accountant could have spotted the trainwreck that was Anglo back in December. No one wanted to. I still wonder how bad it would have been to let them go under.

]]> By: Ahura Mazda http://www.irisheconomy.ie/index.php/2009/05/29/pwcs-stress-tests/#comment-8283 Ahura Mazda Fri, 29 May 2009 15:35:28 +0000 http://www.irisheconomy.ie/?p=2450#comment-8283 @Stuart, Perhaps I was a little unclear. My comment is that this report is out of date (using Anglo recap as an example). The government should not use it. Getting the money back would be a bonus :) @Stuart,

Perhaps I was a little unclear. My comment is that this report is out of date (using Anglo recap as an example). The government should not use it. Getting the money back would be a bonus :)

]]> By: Stuart Blythman http://www.irisheconomy.ie/index.php/2009/05/29/pwcs-stress-tests/#comment-8282 Stuart Blythman Fri, 29 May 2009 14:48:40 +0000 http://www.irisheconomy.ie/?p=2450#comment-8282 @Ahura What PWC will say is that the market has changed dramatically since then. They were very careful to note they took advice from Jones Lang so not their fault. A little like AIB changing their views in a 2 week period. No one wants to put the worst case scenario value on the portfolio as it would probably mean curtains for all the banks. And so they hope they've hit bottom on their valuations but given no one seems to be trying to sell any of these distressed assets we don't know that. @Ahura
What PWC will say is that the market has changed dramatically since then. They were very careful to note they took advice from Jones Lang so not their fault. A little like AIB changing their views in a 2 week period.

No one wants to put the worst case scenario value on the portfolio as it would probably mean curtains for all the banks. And so they hope they’ve hit bottom on their valuations but given no one seems to be trying to sell any of these distressed assets we don’t know that.

]]> By: Ahura Mazda http://www.irisheconomy.ie/index.php/2009/05/29/pwcs-stress-tests/#comment-8277 Ahura Mazda Fri, 29 May 2009 13:25:16 +0000 http://www.irisheconomy.ie/?p=2450#comment-8277 It's probably worth noting that for a brief period (late Dec 08), Minister Lenihan proposed Anglo needed a capital injection of €1.5bn. He would have read (parts :) ) of the PWC report at this stage. He might ask PWC for a refund, we might need the money. It’s probably worth noting that for a brief period (late Dec 08), Minister Lenihan proposed Anglo needed a capital injection of €1.5bn. He would have read (parts :) ) of the PWC report at this stage. He might ask PWC for a refund, we might need the money.

]]> By: Pat Donnelly http://www.irisheconomy.ie/index.php/2009/05/29/pwcs-stress-tests/#comment-8274 Pat Donnelly Fri, 29 May 2009 13:11:34 +0000 http://www.irisheconomy.ie/?p=2450#comment-8274 http://www.deepcapture.com/the-story-of-deep-capture-by-mark-mitchell/ Very interesting story of the real, non-academic world, where hardball is played. This also happened in slightly different ways in the 1980's S&L debacle. Nothing to do with professionals not doing their job correctly, or selling out to vested interests or just hoping that we get to the Rapture before it all hits the fan. Robber Baron: the game for the well connected? This was also played in the 1880's, I do declare! Reliving history...... http://www.deepcapture.com/the-story-of-deep-capture-by-mark-mitchell/

Very interesting story of the real, non-academic world, where hardball is played. This also happened in slightly different ways in the 1980’s S&L debacle. Nothing to do with professionals not doing their job correctly, or selling out to vested interests or just hoping that we get to the Rapture before it all hits the fan.
Robber Baron: the game for the well connected? This was also played in the 1880’s, I do declare!
Reliving history……

]]> By: Pat Donnelly http://www.irisheconomy.ie/index.php/2009/05/29/pwcs-stress-tests/#comment-8270 Pat Donnelly Fri, 29 May 2009 12:39:13 +0000 http://www.irisheconomy.ie/?p=2450#comment-8270 Lucky that no one was relying on that report. Otherwise they might feel obligated to try to get their money back. Not to worry, they will all be broke soon anyway. Lucky that no one was relying on that report. Otherwise they might feel obligated to try to get their money back.

Not to worry, they will all be broke soon anyway.

]]> By: Brian Lucey http://www.irisheconomy.ie/index.php/2009/05/29/pwcs-stress-tests/#comment-8269 Brian Lucey Fri, 29 May 2009 12:38:49 +0000 http://www.irisheconomy.ie/?p=2450#comment-8269 so now more billions being poured into a black hole.... so now more billions being poured into a black hole….

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