Jump to content

Prem Watsa: The Indian Who Bailed Out The Bank Of Ireland


Parsad
 Share

Recommended Posts

Very disingenuous title.

 

Prem Watsa has not "bailed out" The Bank of Ireland at all. The Irish taxpayer has been stung most by having to purchase billions of Euro worth of toxic land and development loans at an inflated price, also by providing liquidity (in reality, cash for trash), and also by pumping in billions of Euro more than Watsa has for an even smaller stake. The ECB is also on the hook as it provides funding at below market cost for the bank (loans/deposit ratio is over 160%). In reality, Watsa basically got a stake in a bank at a fair price. Had he not invested, the IMF would merely have provided the Irish government with the money anyway.

Link to comment
Share on other sites

  • 1 year later...

http://www.businessandleadership.com/leadership/item/42029-bank-of-ireland-appoints/

 

"Fairfax invested in Bank of Ireland in the summer of 2011 and since then the bank has made very significant progress against its strategic objectives,” said Watsa. “Fairfax continues to be confident in the outstanding leadership of the CEO, his management team and the board of Bank of Ireland Group.

 

“Reflecting the progress made and my other commitments, I feel that now is the appropriate time for me to step down from the board.  I am pleased that we have been able to offer someone of Brad's calibre and experience as our nominee to the Bank of Ireland Group's board as Fairfax, as long term focused investors, continue to support Bank of Ireland in the achievement of its strategic objectives."

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...