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| Economy |
| Moody's cuts Irish banks to junk |
| 2011-04-19 |
| h/t Gates of Vienna Rating agency MoodyÂ’s has downgraded long-term deposits at Irish banks by two notches to junk status. This follows last weekÂ’s cut to IrelandÂ’s sovereign debt rating by the agency. TodayÂ’s move means Bank of Ireland is now rated Ba1 while AIB , EBS and Irish Life & Permanent are rated Ba2. |
| Posted by:g(r)omgoru |
| #5 ("Giants") and one hundred million pounds ("Titans")" All of which sounds rather ..... one hundred billion dollars ("Baracks") ??? |
| Posted by: Besoeker 2011-04-19 20:47 |
| #4 "the Bank of England issues special notes with denominations of one million pounds ("Giants") and one hundred million pounds ("Titans")" The dollar equivalent of which we'll need to buy a loaf of bread if the tax-and-spend politicians don't knock it off. :0( |
| Posted by: Barbara Skolaut 2011-04-19 13:29 |
| #3 I didn't know this, Most of the notes issued by the note-issuing banks in Scotland and Northern Ireland have to be backed by Bank of England notes held by the issuing bank. The combined size of these banknote issues is well over a billion pounds. To make it possible for the note-issuing banks to hold equivalent values in Bank of England notes, the Bank of England issues special notes with denominations of one million pounds ("Giants") and one hundred million pounds ("Titans") for internal use by the other banks. |
| Posted by: phil_b 2011-04-19 10:40 |
| #2 A peculiarity is that the Bank of Ireland prints its own currency notes denominated in pounds sterling that are legal tender in the North, although not in the South. Which must be the only case in the world where a bank effectively owned by one country can issue the currency of another country. The notes feature my old university and Bushmills distillery, both institutions I am rather fond of. |
| Posted by: phil_b 2011-04-19 10:28 |
| #1 Related news Inflation rockets, analysts tip new interest rates rise SPAIN: CREDITS DEFAULT RATE, HIGHEST IN LAST 16 YEARS |
| Posted by: g(r)omgoru 2011-04-19 03:42 |