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Halifax/Bank of Scotland Megathread - Read Post #1 First!

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    #362
    optiplexgx270
    Registered Users Posts: 2,497 ✭✭✭optiplexgx270


    IT are being sent off to IBM in a deal. Treasury adois and good luck. Then the MD is taking over all the bad debt and 800 staff in a new debt collection venture. All good debt is going to the UK.


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    #363
    CountingCrows
    Registered Users Posts: 1,830 ✭✭✭CountingCrows


    Apparently BOSI is looking for a business to wind down the loan book over the next few years and the Irish management are hopefully of setting up such a company. If that does happen they hope to retain most of the jobs


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    #364
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    CountingCrows wrote: »
    Apparently BOSI is looking for a business to wind down the loan book over the next few years and the Irish management are hopefully of setting up such a company. If that does happen they hope to retain most of the jobs

    ..... which will all be lost over the next 10 - 15 years as the loan book is wound down.

    Competition is SUPPOSED to be good for banking. Clearly not the case.


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    #365
    KoolKid
    Moderators, Home & Garden Moderators, Technology & Internet Moderators Posts: 24,789 Mod ✭✭✭✭KoolKid


    Competition is pointless as long as the government keep rewarding failure with more bailouts.


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    #366
    Lux23
    Registered Users Posts: 7,134 ✭✭✭Lux23


    So where are the 36 jobs going from then? They will hardly need Marketing and other such functions now.


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    #367
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Some lovely stats about BOSI jump out from that article

    - Irish loan book is currently €32bn.
    - Nearly 44% of that was impaired at the end of June.
    - €13.3bn was lent for development and investment property, €6bn of this was for property development, 90% of which is impaired.
    - The remainder of the loan book was for property investment, of which 45% is impaired.

    - Lloyds were forced to shore up BoSI with €4.5bn in capital injections in the last two years.

    BOSI (along with Anglo) were one of the most agressive lendors during the boom and like fools the traditional players followed in order to be competitive. Had risk been priced correctly (i.e lending margin) we might not be in the mess we're in. That's competition for you.


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    #368
    homer911
    Registered Users Posts: 5,119 ✭✭✭homer911


    Lux23 wrote: »
    So where are the 36 jobs going from then? They will hardly need Marketing and other such functions now.

    Wealth Management and Deposit Taking


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    #369
    fobster
    Registered Users Posts: 947 ✭✭✭fobster


    homer911 wrote: »
    Wealth Management and Deposit Taking

    *Cough* Treasury and Supports as well */Cough*


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