Horror Loss at EBS?

Sunny said:
As for their funding, only around 53% comes from customer deposits so they are reliant on capital markets.
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That low?? I thought their funding from savings was much higher than that!
In fairness that does give them a certain vulnerability to the problems in the credit markets at the moment.
I'd be more worried about that than I would be about the commercial and buy to let exposure.

The problem with Shane Ross is that while he is right to point out possible bad news, when it comes to the EBS he tends to wrap it up in his own brand of almost Joe Duffy like sensationalism. I find i have to take what he has to say with a significant dollop of salt!
 
silvamuppet said:
The problem with Shane Ross is that while he is right to point out possible bad news, when it comes to the EBS he tends to wrap it up in his own brand of almost Joe Duffy like sensationalism. I find i have to take what he has to say with a significant dollop of salt!
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You are entitled to your opinion, but its worth noting that Ross' investigative journalism has been spectacularly vindicated once again this week, this time in relation to Fás.

Maybe I'm too young to remember Joe Duffy's work as an investigative journalist :confused:
 
Shane Ross is taking full advantage of the current financial climate to up his attack on the EBS. His 'mole' as he puts it in his articles in the paper is feeding him information about EBS from the inside and Ross brags about how he keeps getting one up on the management by publishing private and confidential documents! I would not called that investigative journalism, I would call it reckless!

All Banks and not just EBS are in the same boat-trying to ride out the storm and see what happens- having Ross write explosive articles about 1 financial institution is not helping matters in the bigger picture.

Ive no connection to EBS BTW- For the record I think that the board have made many stupid mistakes but no more then the likes of AIB, NIB and Irish Nationwide B.S.

I would be in favor of EBS staying mutual- I think we should have at least 1 left- be good for competition wouldn't it?
 
Shane Ross, like him or loath him, has for years been writing about the corrupt practices and behaviour that goes on in state institutions etc. How right he's been proved again and again. EBS and Fas = QED. I don't care how he gets his information, as least we are getting it from someone, no one else is doing anything about the breathtaking arrogance, sense of entitlement, massive salaries, dismal performance of these organisations. EBS's first priority is the position of the board, how quaint, it's not the staff, shareholders and pesky customers as so correctly pointed out by one Shane Ross. One can only imagine what is really going on as however good Shane's sources are he's probably only getting limited information. Please keep it up as some of us actually want to be fully informed and don't want just false insider rosy pictures that are soley designed to fool the public.
 
Bobby1 said:
I would not called that investigative journalism, I would call it reckless!
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Why would you call it reckless? EBS (and INBS for that matter) is supposedly run for the benefit of its members. All Shane Ross has done is exposed how management are simply feathering their own nests while making some dubious decisions regarding the businss.
 
Bobby1 said:
All Banks and not just EBS are in the same boat-trying to ride out the storm and see what happens- having Ross write explosive articles about 1 financial institution is not helping matters in the bigger picture.
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I don't know where you got the idea that the EBS if the only financial institution that Ross has questioned in recent times. In this month alone he has also strongly criticised the dismal performance of Brian Goggins at BoI, and more power to him.
 
ubiquitous said:
I don't know where you got the idea that the EBS if the only financial institution that Ross has questioned in recent times. In this month alone he has also strongly criticised the dismal performance of Brian Goggins at BoI, and more power to him.
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Shane Ross's 'investigations' into the Irish banks is heavily weighted towards EBS. If he has a mole on the inside of EBS, then it makes for a very easy investigative effort on his part, but it does not make it balanced.

As a prominent media figure, he has the ability to put a spin on any leaked information. As it is perception rather than reality that drives public reaction, he tells the public how to interpret the leaked materials, the react and lo and behold he is 'vindicated'.

From the material that he has published, I am shocked as it appears that the situation in EBS is very bad and that they have limited ability to absorb the losses. The fact that they have examined other options and brought in the PR consultants should not be seen as a negative. Competant management should be analysing alternatives and in the current climate being very careful of public communications.
 
ontour said:
From the material that he has published, I am shocked as it appears that the situation in EBS is very bad and that they have limited ability to absorb the losses.
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So would you have been happier had this story been suppressed.
 
So would you have been happier had this story been suppressed?

ubiquitous - I think the issue or concerns that many members of the EBS may have with the Shane Ross report - is firstly as has been suggested this report may well be just a "What IF" look, - secondly I would prefer if he could clarify if this is indeed the case with the EBS Management.
Now here is where his problem lies - does he have any offical contacts with the EBS Management? Will anyone take the time to talk to Shane Ross and clarify the situation? If not why not? I know of other business reporters in newspapers will have comments from the management concerned that are connected to the stories that they are publishing.
Shane Ross does not seem to have developed any relationships with anyone within the business community? Does he do interview pieces with people - or is his work entirely statistical focused?

For this type of story I would prefer an approach taken whereby an effort was made to engage with the EBS Management. A lot of people are very worried to read about a forthcoming "horror" loss at the EBS - and if Shane Ross cannot get access to EBS Management then I would prefer the Irish Indepenedent to place another news reporter/journalist on this story who may be able to get access to the EBS Management.
 
ubiquitous said:
So would you have been happier had this story been suppressed.
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I would prefer if all of the financial institution explained to their members or shareholders what their current situation is, however this being idealistic rather than pragmatic. If you went in to school without your homework done and you knew that there were lots of others without their homework done, would you stand up and confess first or wait to see if someone else gets caught and what happens to them? Sure from a distance, yesterdays homework looks sort of like today's and the number one priority is to survive until tomorrow !
 
andycole said:
For this type of story I would prefer an approach taken whereby an effort was made to engage with the EBS Management. A lot of people are very worried to read about a forthcoming "horror" loss at the EBS - and if Shane Ross cannot get access to EBS Management then I would prefer the Irish Indepenedent to place another news reporter/journalist on this story who may be able to get access to the EBS Management.
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To be honest, I can't see what your problem is.

Ross published a story about the EBS - one that, as you say, one that worried many people.

The EBS chief executive, Mr Murphy, verified the story the following day on Newstalk.

Are you now saying that both Ross and Murphy are wrong?
 
Hi -

I thought that the Chief Executive Mr. Murphy said the story was based on a "what if" scenario on Newstalk? However I did not hear the interview myself - so I am only saying this on what I read second hand.
I forgot about that this interview had taken place on the radio. I gues what I am saying is I want to see the EBS Management become more engaged in the media with this story - and to fully explain what the present financial position of the EBS is.

Also why has this story not really being taken up by the other newspapers?

Ross has been backed up with his story about FAS - the facts here have spoken for themselves.
 
Oh but they will, they will. The other media outlets are just hanging cute to see if there's any refutation and when they see there's none they will get going then with their various slants. Plus they don't have access to the 'inside' story.
 
andycole said:
Also why has this story not really being taken up by the other newspapers?
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Papers are afraid of being sued. Why hasn't the EBS stated that what Shane Ross wrote is untrue? Maybe it's because it is true. I don't see the EBS putting out a statement refuting what he wrote which would automatically lead to the assumption that what he wrote it correct. These are the questions you should be asking yourself. You can 'download' pod casts so that you can hear the interview if you want. I didn't hear it.

Ontour - I don't get your homework analogy. The EBS has a duty to disclose the truth to it's shareholders surely?
 
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