Free advice is sometimes worth a little more than you paid for it. On that note, Irishmen should take note of how much you paid for this research and then... Take your money and run!
Earlier this week, I warned the Germans - Angela Merkel Should Talk To Me If She's Truly Enraged By The Anglo Irish Revelation, For That's Just The Beginning! This warning was based on multiple earlier warnings to the Irish, summarized (more or less) in the posts - Ireland, You May Very Well Be Bust & I Make No Apologies For What I'm About To Show You and The Beginning Of The Great Irish Unwind and
If I Provide Proof That The Entire Irish Banking System Is A Sham, Does It Set Up A Much Needed System Reboot? Let's Go For It.... Today is the day to focus on two of those warnings in particular, .one of which I will focus on specifically:
- Are You About To Get Cyprus'd in Ireland? When A Single Word's Worth Billions Of Euros...
- Dear Ireland (& AIB), Haven't We All Learned The Problem Is Insolvency, Not Liquidity?
These posts focus on an explicit and stern warning that AIB is drastically undercapitalized and quite possibly the purveyor of a massive fraud on the Irish people, US investors and regulators and German taxpayers.
First, let's review what the Phoenix had to say. In reading this piece from the Phoenix, please keep in mind that if the Bank of Ireland is the best that Ireland has to offer, than I believe that Ireland is fraudulently fuc2#ed. I clearly warned on the Bank of Ireland, one of the most egregious offenders - 17 April 2013 I queried "What Should The US Do If One Of The Biggest Banks In Ireland Blatantly Defrauded US Investors?"
Second, we anticipated fiscal problems in the Irish state as far back as 2010 when everyone swore that they were the poster child of austerity. Subscribers, see Ireland public finances projections.Professional and institutional subscribers should email me for a link to a live spreadsheet that can allow you to run your own calculations on toasted Ireland's finances really are.
Now, let's delve in once again, shall we? From Are You About To Get Cyprus'd in Ireland? When A Single Word's Worth Billions Of Euros...
AIB has inccurred significant debt from which the underlying collateral has significantly diminished. This caused the need for even more capital and more borrowing. It also apparently caused it to change the wording in its annual statements regarding repos, potentially allowing it to conceal financial aid in the form of even more debt .from another party. After all, when you borrow something it's a loan right, as in additional debt??? Below, you see a loophole for near unlimited borrowing, and not a peep will show up in the financial reporting!
Definitions: Charge - The document evidencing mortgage security required by Crown Law (law derived from English law). A Frixed Charge refers to a defined set of assets and is usually registered. A Floating Charge refers to other assets which change from time to time (ie. cash, inventory, etc.), which become a Fixed Charge after a default.
The charge document below, which was registered with Ireland’s Company Registration Office (CRO), states that the charge is in respect of the Company’s participation in Target 2-Ireland. It is also in respect of ‘all present and future liabilities whatsoever’ of Allied Irish Bank Plc. (to the Central Bank and Financial Services Authority of Ireland or to the European Central Bank). The charge is over ‘Eligible Securities’.
Target2 is a European Union payment system. I believe it is misleading to indicate in the annual accounts that Target 2 has a bearing on the security that has been given.
In the short particulars section of the charge; the property charged to the Central Bank and Financial Services Authority is over ‘all rights, title, interest and benefit, present and future, of AIB Plc. in and to each of the Eligible Securities from time to time, where ‘ Eligible Securities’ means, at any time securities of such a class or description as may from time to time be designated by the ECB as ‘Eligible for Sale and /or Purchase, as the case may be.’ (Refer to actual CRO charge document below)
For those who don't get it, AIB is essentially asset/equity broke. All properties considered as marketable/acceptable collateral (in other words anything of real, tangible value) jas already been pledged to the ECB. EVERYTHING!!! To the prudent depositor, this is all that needs to be said, but there's more, much more, Irish men and women, prepare to be CYPRUS'D!!!
Now, hopefully I've answered the question "Are you about to get Cyrpus'd in Ireland?" Many Irish pensioners have been "Cyprus'd" already, but fear not if you missed the opportunity to lose your capital for the sake of your banker's bonuses, there's a lot more to come.
If you 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.
Remember, extreme wealth concentrates, so you don't have to... Coming from a "Cyprus'd" bank near you!
Subscribers, can download ALL documents supporting shenanigans by these banks (click here to subscribe):