This page has been archived and commenting is disabled.

I Illustrate How The Irish Banking Cancer Spreads To The UK Taxpayer And Metastasizes Through US Markets!

Reggie Middleton's picture




 

US retail investors and financial media tend to be a little... well... US-centric. They tend to ignore a lot of international happenings even though these events can, and often do, have a direct impact on the immediate US financial situation. I have ranted, raved, preached and prognosticated on the interconnectedness, and the inherent risks therein, of the global banking system. From my highly analytical ravings on Bear Stearns (pre-bust Is this the Breaking of the Bear?) to my more free form rants on Lehman (pre-bustIs Lehman really a lemming in disguise?), I think I have proven that being the lone voice in the investment wilderness is not necessarily an indicator of that voice being wrong. See Who is Reggie Middleton? for more on that topic. For now, let's continue where we left off in "Ireland, You May Very Well Be Bust & I Make No Apologies For What I'm About To Show You" wherein I'm about to clearly demonstrate how contagion easily traipsed through geographic borders from Ireland to the UK to the US, and how this big bank seemingly omitted the evidence of such.

Note to professional and institutional subscribers:  Please download the supporting documents for this report from BoomBustBlog’s subscription archive and depository - Ulster Bank/RBS Supporting Charge Documents. This file contains several hundred pages of documentation to support the assertions and allegations contained in this report (clickhere to subscribe).

Ulster Bank Limited
Founded BelfastUnited Kingdom of Great Britain and Ireland (1836) as the Ulster Banking Company
Headquarters Dublin, Republic of Ireland
Website www.ulsterbank.ie for RoI orwww.ulsterbank.com for NI

 

Ulster Bank Ireland Ltd, has charges registered (seeSupporting Charge Documents) with the Irish Companies Registration Office (CRO). The bank gave a first floating charge in favour of the Central Bank of Ireland (an arm of the European Central Bank) and the Financial Services Authority of Ireland encompassing “all its right, title, interest and benefit, present and future, in and to each of the securities of such a class or description as may from time to time be designated by the European Central Bank as eligible for sale and/or purchase, as the case may be, by the Bank under its standard form for the time being of Master Repurchase Agreement, which specification may be made by reference to particular classes of repurchase transactions, and which are included in the schedule of Eligible Securities provided to the Bank from time to time.”.

These charges were registered with the CRO on 15th February 2008, yet there is no mention whatsoever of these charges in the Banks 2008 Annual Accounts (seeattached). 

Ulster Bank is a 100% Owned Subsidiary of the UK (now taxpayer owned) Institution - The Royal Bank of Scotland (RBS)

This affects US investors as well and this piece should be well read by anyone in the US, UK or Ireland who has lost money investing in RBS/Ulster Bank Group.

rbs share price historyrbs share price history

In 2008, RBS traded ADR’s in the U.S. under the symbol .NYSE:RBS. These ADR’s were traded OTC. This gives the SEC jurisdiction over the companies US securities. 

What happened behind closed doors?

Ulster Bank gave a first floating charge in favor of the Central Bank of Ireland (an arm of the European Central Bank) and the Financial Services Authority of Ireland. U.S. investors would have had to rely on the contents of The Royal Bank of Scotland's 2008 Annual Accounts which apparently (in my opinion) concealed the existence of the CRO registered charges to the Bank of Ireland.

Ulster Bank RBS charge doc 2 Page 1Ulster Bank RBS charge doc 2 Page 1

Ulster Bank RBS charge doc 2 Page 1 copyUlster Bank RBS charge doc 2 Page 1 copy

 

 

Ulster Bank RBS charge doc Page 1Ulster Bank RBS charge doc Page 1

Ulster Bank RBS charge Doc to Pfizer International Bank Page 1Ulster Bank RBS charge Doc to Pfizer International Bank Page 1

I also attach charge documents that Ulster Bank entered into with Pfizer International Bank. I cannot find these charges in any disclosures.

If you look at the attached charge documents from Ulster Bank to the Central Bank you will see that the wording is different when compared to the charge documents of the other Irish Banks. It specifically states that a first floating charge was created by the Deed of Floating Charge over Eligible Securities for Liabilities Arising in Target2-Ireland. Having said that I can see no mention of these charges in the Annual Accounts for 2008. On page 72 (28) of the Annual Accounts it gives the only details that I can find of charges registered. It states that A registered charge exists over the assets of the Group, securing all borrowings and other obligations in whatever form that relate to the Group's use of the Euroclear system, that are outstanding to Morgan Guaranty Brussels and to any other office of Morgan Guaranty Trust Company of New York. This looks as if it could be a double encumbrance of certain assets for the charge to the Central Bank of Ireland features very similar, all-encompassing language for Ulster Bank, which is a fully owned subsidiary of RBS. Although I'm not an international banking attorney, my layman's eye sees double counting of collateral barring a clause that somehow excludes that covered by the charge over Ulster Bank.

There are also two charge documents for Ulster Bank to Pfizer International Bank. One is for 2009 and the other for 2010. I can see no mention of these in the 2009and2010 Annual Accounts.

These charge documents are also not apparent in the recent bank ‘stress testing’ conducted by the European Banking Authority, at least not in the summary results that the EBA have made available, reference RBS Stress Test.

I cannot see how the charge documents are disclosed in theRBS annual accounts (annual report). I see it mentions that the Bank provides collateral in the form of securities in repurchase agreements (footnote page 41). On page 60 it states the Group engages in securitization transactions of its residential loans which are generally transferred to a special purpose entity. This likely relates to the cashflows and not the principal. The charge documents relate to the principal (the actual loan). The registered charge (page 72) exists over the assets of the Group, securing all borrowings and other obligations whatsoever that relate to the Group's use of the Euroclear system (privately owned by J.P.Morgan,http://en.wikipedia.org/wiki/Euroclear).

The charge documents are not covered in the Ulster Bank Annual Accounts or the SEC Group RBS Annual Report. I think that this is a serious misrepresentation of the Accounts/Annual Report. The charge is a floating charge over Secured Obligations (Repo Agreements) which means all present and future liabilities of Ulster Bank (100% owned by RBS). As stated Target2 is only a payment system. The true reasons for the charge increasingly appear to be that of emergency funding, for it also appears as if Ulster Bank was bust. This information should have been included in the SEC Group RBS Annual Report, especially when ADR's were being traded.

RBS Stress Tests

The afore-linked copy of theRBS Stress Testresults do not make it possible to determine whether the charge documents were included in the Stress Test, however it is worth pointing out that the charges do not appear in the annual accounts, so one could assume that they were not included in the stress test. The information is based on data supplied by each bank, via its respective national supervisor. Accuracy of this data is primarily the responsibility of the participating bank and national supervisor. This information has been provided to the EBA in accordance with Article 35 of EU Regulation 1093/2010. The EBA bears no responsibility for errors/discrepancies that may arise in the tables.

A Short Traipse Through Recent History & The Expense That Ultimately Befalls The UK Taxpayer

In 2007 Ireland had significant cross border exposure to UK and US banks through derivatives and property products. As I warned in 2007, the real estate bubble in the the US/UK popped in 2008, sending pathogenic contagion straight through the Irish banking system. The entire banking system started collapsing. On February 15, 2008, Ireland took extraordinary measures (which we will explore in depth a little later on) to mitigate said collapse, measures that many a layperson would deem misleading, if not fraudulent. RBS (Royal Bank of Scotland, one of the largest financial institutions in the countries of Ireland and the UK) was effectively nationalized by the UK and a bad bank was formed to purchase bad debt/products from the Zombie Irish banks in exchange for government bonds, backed by a country that just simply couldn't afford it.

It was the UK taxpayer that footed the bill for this nationalization - as per Wikipedia:

The bonus payments paid to RBS staff subsequent to the 2008 United Kingdom bank rescue package have led to controversy. Staff bonuses were nearly £1 billion in 2010, even though RBS reported losses of £1.1 billion for 2010. More than 100 senior bank executives were paid in excess of £1 million each in bonuses. Consequently, former CEO Fred Goodwin was stripped of his knighthood in mid-January, and newly appointed CEO Stephen Hester renounced his £1 million bonus after complaints over the bank’s performance.

82 percent of RBS' shares are now owned by the UK government, which bought RBS stock for £42 billion, representing 50 pence per share.In 2011, the shares were worth 19 pence, representing a taxpayer book loss of £26 billion ($40B). Historically, the RBS stock price went from a high of over 700 pence in early 2007 (taking into account a 3 for 1 stock split that took place later that year) to around 20 pence in late 2011.

... the UK Government (HM Treasury), as of 31 March 2012, holds and manages an 82% stake through UK Financial Investments Limited(UKFI), whose voting rights are limited to 75% in order for the bank to retain its listing on the London Stock Exchange. In addition to its primary share listing on the LSE, the company is also listed on the New York Stock Exchange. The group is based in Edinburgh, Scotland. In 2009, after the financial collapse, it was briefly the world's largest company by both assets (£1.9 trillion) and liabilities (£1.8 trillion).  In 2012, the UK government announced plans to bid for the rest of the RBS shares that it did not own, as it felt that "while the taxpayer owns over 82pc of the bank following a bailout in 2008, they bear 100pc of the bank's huge liability risks".

Part and parcel of the RBS problems was its purchase of Ulster Bank and its exposure to the Irish lending issues!

The app below allows the UK Taxpayer to calculate for themselves exactly what their individual contribution (pro rata) is to the government bailout of RBS. Click here and scroll halfway down the page to access the bailout cost app!

I've taken the liberty of pre-populating the input fields for you, but if you don't agree with the numbers then by all means insert your own!

Following my warning in February of 2008, Lehman filed bankruptcy in September sending an additional set of contagion shock through Ireland and its banking system, causing Ireland to issues bonds and further indebt itself to save its Zombie banks – again! This time through blanket bank guarantees backed by the full faith of the government.

In September of 2010, a large swath of said government guarantees for the banks were about to expire. Reference this excerpt from the book “Zombie Banks: How Broken Banks and Debtor Nations Are Crippling the Global Economy”:

In September 2010, some of Ireland's government guarantees for bank debts were about to expire, which put U.S. Treasury officials on edge. If the guarantee wasn't renewed, the banks would likely default on their bonds, triggering the next event in line: a slew of credit default swap (CDS) contracts on Irish banks' debt. U.S. Treasury officials had reason to worry - the names backing those contracts were the largest U .S. banks, and they could end up paying billions in case of default. Any more weight on U.S. banks could be a tipping point to collapse. Treasury officials made inquiries to their counterparts at the Irish finance ministry asking about the course of action the country was planning to take and indicated their concern about possible default and its CDS repercussions. A year after having issued blanket guarantees on the banks' liabilities the Irish government once again didn't dare let the bank fail. Instead it ended up asking for financial assistance from the European Union (EU) and the International Monetary Fund (IIMF): the country had been pushed to the brink of collapse.

image002image002

Litigation

201294 r01o 09CV00300 Page 01201294 r01o 09CV00300 Page 01rbs litigationrbs litigation

Indications of capital shortfalls in the Ulster Bank arrangement:

RBS had paid a total of €9.13 billion to Ulster Bank in capital contributions, in order to safeguard the bank’s capital reserves after writing off billions in impaired loans to Irish borrowers.http://businessetc.thejournal.ie/british-banks-bailed-ireland-out-e16bn-762258-Jan2013/. 24th Feb. 2012

ULSTER BANK’S parent company, Royal Bank of Scotland (RBS), injected as much as £4 billion (€4.7 billion) into Ulster Bank last year, bringing its total investment in its Irish subsidiary to £10 billion (€11.8 billion) since 2008.

http://www.irishtimes.com/business/sectors/financial-services/rbs-chief-insists-11-8bn-injected-into-ulster-bank-was-too-much-1.469092

If you have believe that the information above actually identifies a gross misrepresentation of fact, omission or outright fraud, simply contact the SEC and let them know that Reggie Middleton suggested they look into it. You can actually use this form to convey my message

Those of you in Ireland who may not want to get "Cyprus'd", ie. have your bank accounts fund another bailout, should contact the Office of the Director of Corporate Enforcement.Click this link, and tell them Reggie from NYCsent 'ya. Seriously! The reason why Irish banks haven't been reformed was because not enough light has been shown on the activities. See avalid attempt at such here. This is the time, for the tea leaves foretell the next bank collapse & bailout will be funded directly out ofyourbank accounts, reference Ireland, You May Very Well Be Bust & I Make No Apologies For What I'm About To Show You for those who don't believe me. See Global Banking Crisis - How & Why YOU Will Get "Cyprus'd" for an example of a bank statement of a Cypriot who didn't take the regulation of his bank seriously!!!

 And for those blokes in the UK, I suggest you drop a note to the Financial Conduct Authority. You canreach them via this link, tell them Reggie Middletonsent you. This was excerpted from their website (emphasis added):

We intervene when firms:

    • treat consumers unfairly
    • behave in ways that risk the integrity of the market

We supervise firms differently depending on their size and the nature of their business. This includes:

    • continuous conduct assessment for large firms and regular assessment for smaller firms
    • monitoring products and other issues to ensure firms play fair and don’t compromise consumer interests
    • responding quickly and decisively to events or problems that threaten the integrity of the industry
    • ensuring firms compensate consumers when necessary

Well, straight from the horse's mouth. Have at 'em. They should do the right thing, and EU media should pick up on this as well. You don''t want your 2,000+ pound/euro bank bailout investment to be handled solely by a blogger from NYC, do you???!!!

For paid subscribers, I've posted another potentially "Cyprus'd" EU bank with shortable US/LSE traded shares/options for subscribers, reference EU Bank Capital Confusion, Part 2 - Malarkey (you may subscribe here). Over the next 36 hours or so, I will be releasing an even bigger scandal that is even more far reaching. Stay tuned!!!

 Other hard hitting pieces on the resurgent EU banking crisis

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Fri, 04/12/2013 - 21:43 | 3443735 The_Small_Lebowski
The_Small_Lebowski's picture

Go on my son!

Fri, 04/12/2013 - 19:05 | 3443266 The Heart
The Heart's picture

Aqueeze us all please but, OINK!

Oh look sez grand puppet-master owner...them...us...isreal...nazi...holocaust...terror...al-cia-duh...ben there-dun-that...lions tigers and bears...oh my!

Quick...attack Iran...send billions quick to those who are better at making war, than making God's peace.:

http://www.youtube.com/watch?v=S_Z_gLGQEiw

Fri, 04/12/2013 - 17:54 | 3443071 THE DORK OF CORK
THE DORK OF CORK's picture

See - table 4.5 for all that need to be known about the Irish economy

We left the Sterling peg in 1979.

 

There is a immediate Euro Soviet push to increase productivity & keep wages static

Wages as a % of GDP

Y1980 : 70.1%

Y2002 : 46.3%

Y2011 : 51.7%

 

"The wage share is determined by capital intensity, technology and institutional factors. 

Globally there has been a general decline in the wage share, but Ireland’s sharp decline 

followed by partial recovery is unique"

 

 

http://www.nerinstitute.net/download/pdf/qef_spring_2013_web.pdf

 

When there is no rational wage demand / credit fills the surplus hole created.

But how do you know what is rational demand when you have no rational signal ?

This causes malinvestment on a huge scale.

 

This is why I believe Ryanair is doomed.

Its demand is based on a credit rather then wage based signal.

It will be the last one standing but it will fall.

 

Fri, 04/12/2013 - 17:19 | 3442957 The Abstraction...
The Abstraction of Justice's picture

Shafted by Scotland again. First they took a chunk of Ireland, now they are after the whole lot, then next, England. RBS go home, we don't want your debt.

Fri, 04/12/2013 - 17:06 | 3442906 Vegetius
Vegetius's picture

As is written so it shall be, the Elite in Ireland are staunch Europhiles and have crushed the Irish State to benefit their Masters in Europe. Problem is the IMF guys are now jumping ship, they don't want to be blamed for the upcoming Debacle so are now cliaming their hand was forced into allowing the banks to stand, by the EU. Check out the bar bill in the Irish Government buildings during these events lot of late night boozing going on as the Gombeen Men try to figure out how to spin the story.

“What we should grasp, however, from the lessons of European history is that, first, there is nothing necessarily benevolent about programmes of European integration; second, the desire to achieve grand utopian plans often poses a grave threat to freedom; and third, European unity has been tried before, and the outcome was far from happy.”

- Margaret Thatcher

Fri, 04/12/2013 - 16:28 | 3442650 MrSteve
MrSteve's picture

Both Reggie here and Jim Sinclair on his JSMineset site are reporting the world is on fire. Paralleling the collapse of air traffic in the Old Sod per Sr. From_Cork is the collapse of miles driven in the Former Colonies, as reported by Doug Short.

RBS was buying and doing mortgage services (through CCO), among other things in the USA during the whole mortgage meltdown. I'm happy to be disestablished from them now.

I see them as being the same kind of wrecked hulk as Citibank,                   TBTF- <too big to float>

Good luck!

 

Fri, 04/12/2013 - 15:24 | 3442311 Iam Yue2
Iam Yue2's picture

Ulster say NO (surely, this can't be true.).

Fri, 04/12/2013 - 15:16 | 3442268 bank guy in Brussels
bank guy in Brussels's picture

In the lede to his article, Reggie Middleton wrote - I wonder if unconsciously -

« Keep hope alive »

Wonder if Reggie was conscious of quoting and channeling the great speech of Jesse Jackson at the 1988 USA Democratic convention, where Jackson used those exact words ... maybe the last time some of us Europeans had hope for American politics.

Jesse Jackson, an electrifying orator, was, like all truly alternative US presidential candidates - and especially like many US black leaders - mauled and smeared in US legal proceedings and media with various kinds of 'charges' against him.

Whatever his personal faults, as a young man, Jesse Jackson was close to the great Dr Martin Luther King, Jr., maybe the greatest of all Americans ... the man who should have lived to become America's great saviour.

« Keep hope alive » ... maybe still as good a message for Americans today, as when Jesse Jackson shouted those words to an eagerly listening world 25 years ago

Here is the clip of those few seconds of the great Jesse Jackson 1988 speech ... the full speech also there on YouTube:

http://www.youtube.com/watch?v=2letGPIXKi8

Fri, 04/12/2013 - 17:12 | 3442917 TheMeatTrapper
TheMeatTrapper's picture

You are grossly misinformed about Jesse Jackson. Jackson is a first class race baiter, adulterer, huckster and self motivated opportunist - and he always has been. I have lived in Alabama most of my life and my father and uncles were on the receiving end of the Federal occupation of the South during the civil rights era. Jackson has never done anything to improve the quality of life of anyone other than himself. 

Fri, 04/12/2013 - 15:00 | 3442202 rsnoble
rsnoble's picture

This shits getting so far out of hand im ready to join 85% of my fellow citizens to American Idol and good bowl of dope tonight.  Seriously, shit is just flying apart there's no stopping it my as well have a good time before all the fucking crazies take us to war to protect their own sorry asses.

Fri, 04/12/2013 - 14:42 | 3442118 THE DORK OF CORK
THE DORK OF CORK's picture

The sad old Youghal railway station.

 

http://www.youtube.com/watch?v=BODbJlTUcFw

 

I think Ireland is a sort of dumping ground for excess oil capital / labour flows from which UK based banks get a income from.

And thats it baby.

We can be pumped and dumped to infinity.#

 

Our former high value is a result of us being VERY DUMB.

Oil not burned in Ireland now can return to the motherland.

 

We are the perfect little colony.

Fri, 04/12/2013 - 14:37 | 3442028 THE DORK OF CORK
THE DORK OF CORK's picture

In Ireland we continue to  destroy footbridges to build flyovers for cars that will now never exist.

 

A footbridge in Cork destroyed for a vehicle flyover which is now sadly nearly complete.
I think they spent 60 million in total on this………..almost enough to rebuld the entire old Youghal railway line

 

http://www.youtube.com/watch?v=50oHbQAG1fc

 

In Ireland we have a fetish for excess capacity….. even after the biggest national banking crisis per capita in the world……ever.

Fri, 04/12/2013 - 14:06 | 3441941 THE DORK OF CORK
THE DORK OF CORK's picture

Again looking at the Irish physical economy

Its in a dramatic stock & flow crisis.

 

This can best be seen in our private car thingies.

 

 

Constantin Gurdgiev Analysis of the Irish car market in the first 3 months of 2013 , and looking back all the way to the mid 1960s.

http://trueeconomics.blogspot.ie/2013/04/842013-new-vehicles-registrations-q1.html

In this post he seems to not understand the huge stock and flow problem within the Irish economy.
Anyhow the cars purchased during the superboom years of 1995 -  2000 will mostly retire soon……

I will soon expect a big drop of total private Irish car regs on the road
From 1.8 million +
All the way back to 1990 at least – just 800,000.

 

Fri, 04/12/2013 - 14:03 | 3441934 Ancientkarma
Ancientkarma's picture

Don't you just love the laws that state clearly.directors must not trade when their company is insolvent.as in ALL wars the rule of law is decided by the victors.

Fri, 04/12/2013 - 14:04 | 3441929 Mototard at Large
Mototard at Large's picture

It looks like the al-Qassam Cyber fighters will continue their DDOS cyber attacks on US banks and US allies (i.e. TD, Key Bank and Dutch banks).

The current targets identified today are Key Bank and HSBC. (12 April 2013)

The Qassam Cyber Fighters full name as claimed is: Izzad-Din al-Qassam Cyber Fighters

Despite the commonality of names, they are more likely allied to Iran rather than holding any allegience to a Palestinian agency. They claim the reaons for the attacks is the video "Innocence of Muslims" produced by US "pastor" Terry Jones.

They also have a strong anti-Saudi flavour which again suggests a Shia group with Iranian leanings.

For more on this see: http://tinyurl.com/ct68dtm

Or go to www.pastebin.com and search for "Izz ad-Din al-Qassam Cyber Fighters"

or go to: http://hilf-ol-fozoul.blogspot.ca/ (NOTE: this site is a bit suspect as it functions as a spokesman for the Qassam Cyber Fighters. You may not want to access it from work if your employer is a bit sensitive about this sort of thing.....)

Fri, 04/12/2013 - 13:48 | 3441863 GottaBKiddn
GottaBKiddn's picture

Great work as usual, Reg.

Fri, 04/12/2013 - 12:43 | 3441542 shovelhead
shovelhead's picture

Oopsie-daisy...

Sometimes accidents happen when you play 'hide the salami'.

 

Hey Reggie, if you like porn and relaxation, we have a job for you at SEC.

It seems you work too hard.

Fri, 04/12/2013 - 12:39 | 3441519 YHC-FTSE
YHC-FTSE's picture

Thanks mate. You don't have to sell me on RBS, I live in the UK and I've been going on about the risks associated with deposits at RBS' grand subsidiary, Coutts & Co to friends with accounts with them for ages. Their argument is always, "Nothing can happen to Coutts because the Queen banks with them". 

I have a feeling it is going to cost the taxpayers another barrow full of bailouts, and the phrase TBTF will be making its appearance all over ZH.

Fri, 04/12/2013 - 12:49 | 3441596 Satan
Satan's picture

I beleive the Queen also banked with Barings....

Fri, 04/12/2013 - 12:27 | 3441456 Iconoclast
Iconoclast's picture

IMHO Ireland's situation is only saved by its close economic proximity to the uk, whilst its traditional paternal links to the USA has caused many businesses to set up satellite sales and distribution centres there. Without these two crutches it'd be holed out similar to Greece and Cyprus. How long it can sustain its position and not become another eurozone domino is an interesting question

Fri, 04/12/2013 - 12:30 | 3441435 Widowmaker
Widowmaker's picture

The cancer is fiat itself.

All lies, no truth.  The only way to hedge a lie in this market abortion is another lie.  Perhaps ZH should rename to Zero Truth.

Truth is dead, long live global-Fascism, the new Sheriff!

Benny-bucks has killed your fiat, your sanity, and your individualism is next.  All in the name of risk - HA!

Bombs and banks and the world takes it in the ass from a bunch of pussies and faggots in pinstripes.

Fri, 04/12/2013 - 14:29 | 3442056 BurningFuld
BurningFuld's picture

Invite country into Euro group.

Give country new Banking rule book.

Borrow money from Banks according to new rule book.

Default on debt and keep all borrowed money.

Ask new Countries Bank how they are going to cover defaults.

Take everything from country to cover money you borrowed from them but did not pay back.

Do I have that right?

Fri, 04/12/2013 - 13:42 | 3441429 THE DORK OF CORK
THE DORK OF CORK's picture

The UK is integrated with us wether we like it or not.

 

A victim of the Irish implosion ?

 

 

A airport which has seen a almost total collapse in passenger numbers.

“Since 2007 there has been a significant reduction in passenger traffic with just under 1.1 million passengers passing through the airport in 2012, down from a peak of more than 2.4 million in 2007?

http://en.wikipedia.org/wiki/Glasgow_Prestwick_Airport

I imagine this is mainly a result of the Irish collapse and competition from the west coast mainline which has its terminus in Glasgow central.

 

PS 

When Ryanair eventually goes bust as a result of other companies doing a Ryanair and them running out of customers for some funny reason I will dance a highland jig.

http://www.euronews.com/2013/04/12/ryanair-denies-slave-contracts-after-norway-crew-complaint/

 

Fri, 04/12/2013 - 14:56 | 3442183 theprofromdover
theprofromdover's picture

I have flown RyanAir from a number of UK airports. RyanAir's problem is they hate everybody. They hate their passengers, they hate their airports, and they hate their regulators.

I won't use them now. From my perspective they seem to like to mess around with the timetables purely to cut landing fees, stop very profitable routes as soon an airport is improved for them, do everything they can to make you miss flights and connection through lack of tannoy information (do they have to pay for each message?) I don't want a flight for £1 each way at midday or 10:00pm at night, I want flights at 7:30am and pm for £50.

It is guys like me that make airlines a profit, not backpackers. Easyjet make good money from me in Europe now.

Fri, 04/12/2013 - 12:19 | 3441405 THE DORK OF CORK
THE DORK OF CORK's picture

Don't know much about Banking double entry games Reggie but If Ireland is to remain non sov entity and yet have a physical economy of any size it must devalue against Sterling with ALL DEBT paid in the new punt

 

 1 euro = 50p ? 25p ?

 

The Brits are choosing real goods over income anyway .

Why do they want to see the place implode.

Farming is even tanking as we cannot use labour to replace the machines.

The UK is in massive food defict the last time I checked.

Fri, 04/12/2013 - 15:00 | 3442205 theprofromdover
theprofromdover's picture

My gut feeling is they have already started to pick on sterling, just Cyprus popped up first.

I think sterling is going to get hammered by the hyenas, so maybe the Punt at 90p just like olden days.

Do NOT follow this link or you will be banned from the site!