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Irish bond yields rise above 9%

Thu, 11th Nov 2010 16:53

The 10-year Irish bond yield has risen above 9% as Irish bonds fall for the 13th day in a row. Traders continue to offload Irish bonds, concerned over the ability of the country's government to pay its debts. That pushed the difference between the returns investors demand to lend money to the Irish government and the German government even higher.Ten-year German bund yields are one basis point lower today at 2.43%. That means that the difference in the bund and Irish bond yields is around 6.6 percentage points. "The bond spreads are very serious and there is international concern throughout the eurozone about that," says Irish Finance Minister Brian Lenihan. Lenihan believes that part of the reason behind the jump in yields relates to "unintended" comments from German officials about a new permanent rescue mechanism for the eurozone that would force private debt holders to help shoulder the costs of future rescues. Lenihan said Ireland was seeking clarification of the German plans and would soldier on without aid.Patrick Honohan, the Irish central bank governor, says that there is no reason Ireland will not be able to return to the bond markets in 2011 as its government steps up austerity measures to reduce its budget deficit and restore investor confidence.The International Monetary Fund says that Ireland has not requested financial assistance. Ireland became heavily indebted after having to bail out its banking sector during the financial crisis. The government has been implementing swingeing spending cuts, undeterred by the unpopularity of such measures. More cuts are to be unveiled in December. President of the European Commission Jose Manuel Barroso said that the EU was ready to step in to support Ireland if necessary. 'We are monitoring the situation closely, but we support the efforts of the Irish authorities,' he said.Bank of Ireland and Allied Irish Banks are both well down on the day. Bank of Ireland has fallen by one-fifth over the past week. Shares in RBS fell on concerns about the part-nationalised bank's exposure to Ireland. RBS subsidiary Ulster Bank posted a loss of £176m in the third quarter and the bank has operations on the other side of the border as well.

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28 Oct 2010 15:05

Allied Irish appoints HSBC veteran

Trouble Irish bank Allied Irish , has appointed ex-HSBC director David Hodgkinson as its new interim executive chairman. Hodgkinson will head the group until the appointment of a Group Chief Executive. Previously, he had been Group Chief Operating Officer for and Member of the Group Management Boar

6 Oct 2010 07:53

Allied Irish goes ahead with M&T sale

Allied Irish Banks (AIB) has started the process to sell its 22.4% interest in America's M&T Bank by way of a public offering, putting paid to Santander's plan to buy the stake. Institutional investors will be given the chance to snap up 26.7m contingent mandatory exchangeable notes, which can be c

30 Sep 2010 08:16

Irish bank bailout bill grows

Bailing out the ailing bank Anglo Irish could cost as much as €34bn (£29bn) Ireland's central bank has said. While the figure is how much the central bank envisages the government having to pay to keep the nationalised lender afloat in a worst case, or 'stress' scenario, it would still cost €29.3bn

29 Sep 2010 15:20

Sector movers: Ireland worries hit banks again

Banks are under pressure as worries over the European debt situation continue to plague the markets. Ireland is in the spotlight again amid speculation that that the cost of bailing out the nationalised bank Anglo Irish could rise to as much as €30bn (£25m). Unsurprisingly, Irish banks listed here

23 Sep 2010 16:40

London close: Late rally trims losses

London staged a last hour rally but didn't rise by enough to eliminate losses sparked by a weak start on Wall Street. News that Brazilian oil company Petrobas will launch a world record $78bn rights issue helped other oil companies. BP, Shell and Cairn all picked up near the close. Expectation t

23 Sep 2010 12:58

Sector movers: Irish banks under the cosh

Irish banks are sharply lower today as economic worries continue to plague the former Celtic tiger. New figures today show the debt-stricken country's economy shrank by between 1% and 2% between April and June. Allied Irish Banks is down 8% and Bank of Ireland is 6% lower. British banks are also u

13 May 2010 13:04

Ireland still a challenge for Allied Irish

Trading conditions have remained challenging this year, particularly in Ireland, the bank Allied Irish said in an update, but conditions have improved in Britain. In the Republic of Ireland division, bad debt charges in the first quarter were at a similar level to those of the same period the previ

31 Mar 2010 07:49

Bank of Ireland agrees to €2.7bn capital raise

Bank of Ireland says the additional €2.7bn of capital the government has told it to raise will see it through the current recessionary crisis in Ireland as it revealed huge losses for the last nine months of 2009. "The bank believes raising this level of capital would result in its Equity Tier 1 an

29 Mar 2010 14:30

Allied Irish confirms talks with regulator over capital

Shares in Allied Irish Banks dropped more than 17% after the Irish banking group confirmed it is in discussions with the financial regulator in order to agree its capital requirements. The group said it will update the market with a further announcement once these discussions have been completed.

2 Mar 2010 17:07

London close: Insurers left behind

A firm start on Wall Street gave fresh heart to UK equities, with financial stocks to the fore, with the notable exception of insurers. Ahead of results tomorrow Standard Chartered was wanted in a buoyant banking sector while elsewhere in the financial sector property groups such as SEGRO and Hamme

2 Mar 2010 14:13

London afternoon: Footsie consolidates gains

Leading shares consolidated gains over the lunchtime session though it remains a bad day to be invested in the insurance sector. Insurer Prudential is under the cosh again as investors bale out ahead of an expected monster cash call to finance the group's acquisition of AIG's Asian assets. RSA In

2 Mar 2010 12:08

London midday: Banks bounce back

Although base metal miners have reversed course and are now heading south the FTSE 100 index has added to early gains, helped by a surge in interest in banking shares. Ahead of results tomorrow Standard Chartered is leading the banking sector higher. Part-nationalised lenders Royal Bank of Scotland

2 Mar 2010 07:07

Allied Irish posts huge loss

Allied Irish Banks slumped to a loss €2.66bn last year as bad debt and loan impairment provisions hit €5.4bn in very tough conditions that it says show no signs of abating. "The outlook and environment remain extremely challenging. There are very significant matters and initiatives including NAMA,

30 Nov 2009 16:32

London close: Shares drop again in late trading

London's blue chips recovered most of their losses in late afternoon trading and looked like they could be set for a positive finish before turning down again just before the close. Banks such as Lloyds Banking, Royal Bank of Scotland and Standard Chartered remained nervous about the debt situation

30 Nov 2009 14:36

London afternoon: Banks pare losses

Leading share prices are still holding steady at lower levels as investors await further developments from Dubai. Banks such as Lloyds Banking, Royal Bank of Scotland and Standard Chartered remain nervous about the debt situation in emirate, though the morning's losses have been pared. HSBC defie

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