Irish banking system in a “very fragile position”

WorldbyStorm spots Ireland’s contribution to the mis-placed fortunes of Warren Buffett – with the help of a couple of Irish banks. Meanwhile, Cian wonders whether Irish credit unions are also vulnerable. And, as the Irish government sketches out the detail of what Taoiseach Brian Cowen mentioned at the weekend, on the subject of Irish banks and the economy RTÉ reports

The Financial Regulator has admitted the banking system is in a ‘very fragile position’ and Ireland in the ‘middle of a very deep crisis’.

[The middle? – Ed] Fingers crossed.

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  • Scaramoosh

    What about the fate of Ulster Television?

    In July 2008 TVC Holdings, an Aim listed company, that has Gavin O’Reilly, the group chief operating officer of Independent News & Media PLC as Non-Executive Director, paid nearly £15m for an 11% stake in the company (later upped to 20%).

    Also in July, it was reported in the Irish Times that; “ORGANO INVESTMENTS, a company controlled by Irish investors Neill Hughes and Peter Crowley, has taken a 6.6 per cent stake in the Belfast-based broadcaster UTV Media. Organo bought 6.3 million shares in the Northern Irish broadcaster, which also owns a number of radio assets, for 116 pence (€1.45) each, it was announced yesterday.” The pair have since increased their share in the company to 14.28%.

    Tonight, according to figures from the London Stock Exchange, shares in UTV closed at 36.000 -down 4.75p or 11.66% on the day. This valued the company at 39.08m. An 11% stake today would have cost TVC just over 4m.

    All eyes will be the sector tomorrow, with ITV due to release its annual financial results, with unconfirmed reports of up to 500 job cuts and production cutbacks, in the wake of a signifciant downturn in the advertising market.

    Whilst the local media was quick to trumpet the share buying in UTV, they have been uncharacteristically quiet, as the companies shares have gone into freefall?

  • DC

    Bankruptcy? Going, going,…

  • Greenflag

    ‘they have been uncharacteristically quiet, as the companies shares have gone into freefall? ‘

    It’s not happening . Ostrich pose alert . But never mind Ulster Television . In the real world Ben Bernanke successor to the Greenspan God has not been characteristically quiet in his remarks on AIG the ‘world’s ‘ insurer .Bernanke lashed out at AIG accusing it of behaving like a ‘hedge fund ‘ and recklessly losing 100 billion dollars last year in the world’s biggest annual loss. The share price meanwhile has gone from 100 dollars to 42 cents .Now that kind of performance is worth a couple of million dollars in bonus in the neo con game of bad capitalism and shadow banking 🙁