We have made a number of attempts to use Central Bank data to determine the ownership of bonds issued by the Irish banks. Here are links to some of the posts.
- Bonds in the covered banks held by the covered banks
- Bonds issued by the covered institutions
- Disappearing bank bonds
Most of this analysis is at a high level and reaching exact conclusions are difficult. Getting information to verify these conclusions is even more difficult. Here is one titbit that ties in with the first claim made above – that the covered banks themselves are substantial holders of bonds in the covered banks. It comes from Irish Life and Permanent 2009 Annual Report that was released last March. The bottom of page 209 contains the following:
As at 31 December 2009, debt securities includes €701m (2008: €330m) of securities issued by Anglo Irish Bank and loans and receivables to bank includes loans amounting to €375m (2008: €262m) issued to Anglo Irish Bank.
We don’t have any more recent info but this is only one of the 15 possible inter-relationships between the six covered institutions. The plural of anecdote is not data and in this case we only have a single source (that is now 15 months redundant) but it does confirm that there is at least some cross-holdings of bonds between the covered institutions.
UPDATE: From the comments we are directed to the 2010 Interim Report for IL&P (HT yoganmahew). It can be read here. Jump to page 97 and we have an update:
As at 30 June 2010, debt securities includes €886m (30 June 2009: €328m, 31 December 2009: €701m) of securities issued by Anglo Irish Bank and loans and receivables to bank includes loans amounting to €282m (30 June 2009: €nil, 31 December 2009: €375m) issued to Anglo Irish Bank.
Between the end of December 2009 and the end of June 2010, IL&P acquired even more Anglo bonds!Tweet