Revealed: The UK’s Irish risk

Revealed: The UK’s Irish risk

first_img Share Monday 22 November 2010 6:47 am Tags: NULL whatsapp Revealed: The UK’s Irish risk THREE major UK banks – RBS, Barclays and Lloyds – together havemore than €100bn (£860m) of exposure in Ireland, according to data seen by City A.M.Morgan Stanley conducted research on the levels of exposure in the three “peripheral” Eurozone countries, Ireland, Portugal and Greece. Unsurprisingly “the largest exposures are clustered in UK banks”, the report says.After the Irish bailout, which could still see bank creditors taking losses, such figures will be analysed ever more closely.In total 21 listed banks hold €347bn of exposure across the three countries. Of that, €131.5bn is held by RBS, Barclays and Lloyds BG.The exposure to sovereign risk of state-owned RBS is shown as equal to 113 per cent of the company’s Total Net Asset Value (TNVA).The report considers both sovereign bond holdings as well as direct loan exposure. The data lists Lloyds having no sovereign bond holdings in Ireland, and a Lloyds BG spokesperson said the bank has “no sovereign exposure to Portugal or Greece” and “minimal” sovereign risk exposure in Ireland.The three banks with the largest Irish sovereign bond holdings are Credit Agricole (€929m), HSBC (€596m) and RBS (€385m).In the Eurozone, Ireland (9.9 per cent), Greece (17.5 per cent) and Portugal (7.2 per cent) have the highest proportions of banking assets funded by the European Central Bank (ECB). In recent months Ireland’s level of reliance has surged upwards, resulting in ministers last night succumbing to a bailout.The report warns that Portugal could face a similar fate. While the country’s problems are more due to “low productivity and competitiveness”, its levels of government debt to GDP are similar to Ireland’s – making it an off index investment in the eyes of many investors, according to the report. Show Comments ▼center_img More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com whatsapp Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMoneyPailShe Was Famous, Now She Works In {State}MoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndoWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndo KCS-content last_img

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