Good Afternoon ,
It is a Good afternoon , the markets shrugged off the late sell off in the USA last night and despite opening weaker , it is noticeable that there is a better tone and more buyers emerging at these price levels.
We met CEO and FD of Bank of Ireland this morning at 7am , it was a very useful meeting as we learned that there re still considerable unknowns in the form of the eventual timing of the NAMA transfers though the date for the first tranche is Dec 18th. Bank of Ireland confirmed they have no terms sheet and so the actual haircuts etc are still an unknown quantity. There are issues about Capital and EU etc. It is easier to look at them from the point of view that Sebastian has identified that there is value in Bank of Ireland on our base case assumption of 9 bn of loan loss provisions which compares with the re-iterated guidance of 69bn which suggests that there might be significant upside if the actual number gets closer to the Bank guidance figure. Otherwise you then have to simply take a view on the future…If you are a bull , then look past the immediate unknowns and take a leap of faith , conversely if you are a bear , then as you cant short them , forget this and go home…
We are meeting with ICON now… I will tell you about it tomorrow.
Gotta go
Have a good evening
Liam
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Liam Boggan
Merrion Stockbrokers
Tel.: 353-1-2404171
Mob:353-87-2313505
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