Irish Tiger

[rffrydr]

Fading fast: highest direct exposure to US ways and means--by which I mean trade and bad habits. Do, canaries come in green?

http://www.ft.com/cms/s/0/dab304d6-7601-11dc-b7cb-0000779fd2ac.html
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Today is the Tomorrow you worried about Yesterday!

[HenryTo]

Irish banks to pass on the full 50 basis point cut to its customers:
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Bk Of Ireland, AIB, Irish Life To Pass On ECB Cut

Nov 6, 2008 09:14:39 (ET)

DUBLIN (Dow Jones)--Bank of Ireland PLC (IRE), Allied Irish Banks PLC (AIB) and Irish Life & Permanent PLC (IPM.DB) each said Thursday they will pass on the full European Central Bank's 50-basis-point rate cut to variable and tracker rate mortgage customers.

BoI and IL&P announced their decisions after the rate cut was announced; Allied Irish Banks already said Thursday it will pass any rate cut decision by the ECB on to its variable and tracker rate mortgage customers.

Earlier Thursday, Irish Finance Minister Brian Lenihan urged the country's banks to pass on any interest rate cut by the ECB to its mortgage customers. "In terms of their own competitive position it would be essential for them," he said.

Lenihan's word has held weight with the banks, after the government passed the EUR400 billion-plus, two-year government guarantee that safeguards all deposits, covered bonds, senior debt and dated subordinated debt for Ireland's six main domestic financial institutions.

A three-person independent committee, the Covered Institution Remuneration Oversight Committee, appointed by the finance minister, will oversee the remuneration plans of bank executives and executives. Two government-appointed directors to each bank will oversee the scheme.

At 1400 GMT, Allied Irish Banks was down 3% at EUR4.17 on the Irish Stock Exchange, Anglo Irish Bank was up 7% at EUR2.62, BoI was down 2.3% at EUR2.29 and IL&P was up 4.7% at EUR2.46.

[rffrydr]

That was a green canary: Ireland worst market next to Vietnam over 12mos.
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Today is the Tomorrow you worried about Yesterday!

[diesel]

Thanks for your thoughts Henry.

I see Ireland is picking up some non-domiciled residents that formerly resided in the UK. All downhill recently for her majestys kingdom.

http://www.bloomberg.com/apps/news?pid=20601109&sid=aF8RPQXK.UZ0&refer=home
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All cats are gray in the dark.

[HenryTo]

Hi Diesel,

Ireland has done relatively well on a YTD basis - in USD terms, the Ireland stock market (MSCI Ireland) is only down 0.95%, compared to a 6.88% decline in the MSCI Europe.

Valuations continue to be great, but at this time, I am very underweight Europe given that I see weakness in the Euro later this year. Ireland is still a good bet, I think, but is not a screaming buy to me.

Let me know if you have any further thoughts.

Henry

[diesel]

Henry,

What is your current take on Ireland? You had a few positive things to say earlier in the year but I havent seen anything since.

Thanks...
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All cats are gray in the dark.

[HenryTo]

Note that MSCI Ireland was down more than 12% (in USD terms) during the 3Q.