Good Afternoon ,
T'was the day before NAMA… Finance Minister, Financial Regulator and NAMA are to make statements on Tuesday afternoon to provide an update on NAMA discounts, outline bank recapitalisation needs and options, and potential State ownership levels. The media headlines suggesting that the numbers will be much bigger sent shock waves through the market and the banks fell sharply with AIB -19.5% and Bank of Ireland -10.5% with Irish Life -4.7% ,
The rumour mill is in full swing with rumour about AIB needing 7bn of capital. Our assumptions were that AIB needed 4.7bn of capital. At this point I don't think it is even useful to comment…better wait and see. This process has been played out in the media with the Sunday papers publishing a series of ever more worrying stories as the weeks have passed. Tomorrow will reveal all. I can hardly wait…
Bank of
Tomorrow Aer Lingus will compete with the Financials with its own results…
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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