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Anglo seeking €25bn bailout

first_img Show Comments ▼ Anglo seeking €25bn bailout Anglo Irish Bank said yesterday the bill for its rescue should not exceed €25bn (£20.6bn) but investors remained sceptical after mounting losses raised pressure on Ireland to shut down the nationalised lender.Once the posterchild of the “Celtic Tiger” economy, the cost of bailing out Anglo left Ireland with the biggest budget deficit in the European Union last year, undermining the government’s austerity drive and raising its borrowing costs.Anglo Irish chief executive Mike Aynsley’s view that the bank would not need more than the €25bn previously flagged by the government failed to soothe markets already rattled by concerns over Eurozone debt.“It’s a pretty brave comment by the management,” said one analyst who declined to be named. “As a taxpayer I would be somewhat relieved, and I think it would be a nice support for the bond market, but I’m scratching my head over it.”The premium investors demand to hold 10-year Irish bonds over German Bunds was hovering close to euro-era highs of 366 basis points yesterday. Irish financial stocks were trading down 1.45 per cent.In an analysis criticised by Irish officials, ratings agency Standard & Poor’s estimated last week that the final cost of purging Anglo of bad debts accumulated during the property boom could hit €35bn.Finance minister Brian Lenihan did not put a final figure on Anglo’s bailout but said clarity on the total cost would come when Ireland reaches an agreement with the European Commission on what to do with the lender. “We must bring finality and certainty to that figure and that is part of this exercise we are doing with the European Commission,” he told the national broadcaster. Dublin signalled on Monday it might wind down Anglo Irish, the worst-performing company in Irish corporate history, after its losses and scandals made it more difficult to push through spending cuts. Tuesday 31 August 2010 9:13 pm whatsapp whatsapp More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Share KCS-content Tags: NULLlast_img read more


Madison Financial Services PLC 2016 Annual Report

first_imgMadison Financial Services PLC (MFIN.zm) listed on the Lusaka Securities Exchange under the Financial sector has released it’s 2016 annual report.For more information about Madison Financial Services PLC (MFIN.zm) reports, abridged reports, interim earnings results and earnings presentations, visit the Madison Financial Services PLC (MFIN.zm) company page on AfricanFinancials.Document: Madison Financial Services PLC (MFIN.zm)  2016 annual report.Company ProfileMadison Financial Services Plc is a financial services group in Zambia offering solutions for general insurance and life assurance products for personal and corporate clients in Zambia and Tanzania. The company operates in four segments: life assurance, non-life assurance, asset management and microfinance. Madison Financial Services offers a range of products; from life and term assurance to pension funds which include unitised, guaranteed, endowment and mortgage endowment options. Company subsidiaries offer a range of health insurance products, and personal, motor, household, commercial and business interruption insurance. Madison Financial Services also provides investment management services, as well as investment funds, unit trusts and brokering service. The microfinance division offers solutions for loans to small- and medium-sized companies and employees of public and private institutions. Madison Financial Services Plc was established in 1992 and is a subsidiary of Lawrence Sikutwa and Associates Limited. Madison Financial Services Plc is listed on the Lusaka Stock Exchangelast_img read more