Aug 30, 2010
| Last Updated
The Emerald Isle is sinking under the weight of consistently bad news as escalating costs of Anglo Irish’s bad loans precipitated the European Commission's third emergency capital authorization. S&P recently downgraded the Irish sovereign, based in part on the assumption that the National Asset Management Agency (NAMA) assets and bank equity would realize little value over the next five years. The average haircut on the two NAMA tranches covering €27bn of loans has increased from 50% to 56%, but this masks more extreme deterioration in[...]
If you are an RGE client please log in to your account.
Access to this content is restricted to RGE clients.
If you have a client code, please enter it here to activate your client account.
Click here for a free trial.