15‏/12‏/2008

Europe Economy: Ireland announces 10-billion-euro bank rescue

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The Irish government announced Sunday a 10-billion-euro (13-billion-dollar) rescue of Ireland's six main banks. The money will be used to recapitalise banks by buying their shares and other measures. "The government has decided either through the National Pensions Reserve Fund or otherwise... to support, alongside existing shareholders and private investors, a recapitalisation programme for credit institutions in Ireland of up to 10 billion euros," the finance ministry said in a statement. It said the aim was to ensure the long-term sustainability of the banking sector and "to underpin its contribution through the availability of credit to individuals and businesses in the real economy." "This initiative will help to foster and encourage the flow of funds to the economy, and limit the impact of financial market difficulties on businesses and individuals," the ministry said. Ireland was one of the first countries to respond to the global credit crisis with a two-year unlimited guarantee scheme for banks that involves a contingency liability of 485 billion euros. The finance ministry said the state's investment may take the form of preference shares and/or ordinary shares, and the government might participate by offering guarantees. "In principle existing shareholders will be expected to have the right to subscribe for new capital on the same terms as the government," it said. "A key principle in the operation of such a fund will be to secure the interests of the taxpayers through an appropriate return on, and appropriate terms for, the investment." Finance Minister Brian Lenihan will start talks with the banks about specific proposals -- he has previously stated that using public money was a "last resort" and any state involvement would be on a case-by-case basis. The statement noted that recapitalisation is recognised by the European Commission as one of the key measures that may be used by to preserve stability and proper functioning of financial markets. Dublin "believes that in current market conditions even fundamentally sound banks may require additional capital to respond to widespread market perception that higher capital ratios are appropriate for the sector internationally," it said.

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Financial News: Not just super rich caught up in Madoff case

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NEW YORK : From a Jewish youth charity in Boston to major banks as far afield as Zurich, the list of investors who say they were duped in one of Wall Street's biggest Ponzi schemes are streaming forward.
Around the world, investors who sunk cash into veteran Wall Street money manager Bernard Madoff's investment pool spent the weekend calculating how much exposure they might have. The 70-year-old Madoff, well respected in the investment community after serving as chairman of the Nasdaq Stock Market, was arrested Thursday in what prosecutors say was a $50 billion scheme to defraud investors.
One thing was clear in the fallout from his arrest: The alleged victims span from the super rich, to pensioners and powerful financial institutions, to local charities. Some investors claim they've been wiped out, while others are still likely to come forward.
"There were a lot of very sophisticated people who were duped, and that happens a great deal when you've had somebody decide to be unscrupulous," said Harvey Pitt, a former chairman of the Securities and Exchange Commission, a regulator in charge of monitoring investment funds like the one Madoff operated.
"It isn't just the big investors," he said. "There's a lot of charitable and foundation money involved in this, which is the real tragedy."
Charities across the country are expected to be directly affected by the collapse of Madoff's investment fund. The assets of Bernard L. Madoff Investment Securities LLC were frozen Friday in a deal with federal regulators and a receiver was appointed to manage the firm's financial affairs.
One of the largest financial scams to hit Wall Street has investors wondering if they'll ever get their money back.
In Boston, the Robert I. Lappin Charitable Foundation, a charity that financed trips for Jewish youth to Israel, said on its Web site Sunday that the money for its operations was invested with Madoff.
"The money needed to fund the programs of the Lappin Foundation is gone," it said. "The foundation staff has been terminated today."
New Jersey Sen. Frank Lautenberg, one of the wealthiest members of the Senate, entrusted his family's charitable foundation to Madoff. Lautenberg's attorney, Michael Griffinger, said they weren't yet sure the extent of the foundation's losses, but that the bulk of its investments had been handled by Madoff.
Lautenberg's foundation handed out more than $765,000 to at least 100 recipients in 2006, according to the most recent listing on Guidestar, which tracks charitable organization filings.
The foundation helps support a variety of religious, educational, civic and arts organizations in New Jersey and elsewhere, and its contributions range from a gift of than $300,000 to the United Jewish Communities of MetroWest New Jersey to a $2,000 donation to a children's program at the Hackensack Medical Center.
Reports from Florida to Minnesota included profiles of ordinary investors who gave Madoff their money. Some had been friends with him for decades, others were able to invest because they were a friend of a friend. They told stories of losing everything from $40,000 to an entire nest egg worth well over $1 million.
They join a list of more powerful investors that have come forward, all worried about the extent of their losses. The roster of names include Philadelphia Eagles owner Norman Braman, New York Mets owner Fred Wilpon and J. Ezra Merkin, the chairman of GMAC Financial Services, among others.
Beyond U.S. hedge funds, more corporate names disclosed exposure to Madoff. Late Sunday, some of Europe's biggest banks acknowledged they, too, were exposed to Madoff's investment fund.
Switzerland's Reichmuth & Co. said the private bank has $327 million at risk. It told investors that they "sincerely regret" being affected.
Other banks such as Spain's Grupo Santander SA, Europe's second-largest banking consortium, and France's BNP Paribas are also left with billions of dollars in exposure, according to media reports. Both banks could not immediately be reached for comment.
Associated Press Writer Samantha Henry in Trenton, N.J. contributed to this report

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EUR-JPY Weekly analysis 13 Dec, 2008 - Forex

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EUR/JPY Weekly Outlook Much volatility was seen in the EUR/JPY last week but after all, it still managed to end the week higher. The overall outlook remains unchanged. The corrective nature of the fall from 131.02 to 115.88 argues that it's part of the consolidation that started from 113.63. Further break of 126.24 resistance will confirm this case and bring stronger rise to 131.02 and above to complete such consolidation. On the downside, though, below 118.04 will flip intraday bias back to the downside for retesting 113.63 low instead In the bigger picture, as discussed before, whole down trend from 169.96 is still expected to continue after completing consolidation from 113.63. Break of this low will confirm that such fall has resumed and should target 76.4% retracement of 88.97 to 169.96 at 108.08. However, note that as long as 113.63 low holds, consolidation from there might still continue. But upside is expected to be limited below 141.73 cluster resistance (50% retracement of 169.96 to 113.63 at 141.79) to complete the correction. In the long term picture, the three wave corrective structure of the up trend from 88.97 (00 low) to 169.96 suggests that it's merely a correction to the multi decade down trend from 285.56. The impulsive nature of the fall from 169.96 indicates that it's likely resuming the down trend. Focus now will be on whether the whole down trend from 169.96 will extend to retest 88.97 low.

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